CAIRO (Reuters) - Egypt's Orascom Telecom, among the biggest mobile phone operators in the Middle East, said on Tuesday it was part of a consortium chosen to create a new Canadian wireless operator.

Cairo-based OT, which joined forces with Canada's Globalive Communications Corp, said in a statement the new operator had provisionally won a license for wireless spectrum in the country and was the high bidder across every region with the exception of Quebec, with a population coverage of 26 million.

The auction of airwaves over which wireless services are delivered raised C$4.25 billion in 331 rounds and almost two months of bidding. The proceeds were more than twice the amount analysts had expected.

"With a population of 33 million and a mobile penetration rate below 60 percent, Canada fits in with OT's strategy of expanding into markets with large populations and relatively low penetration rates," Egyptian investment bank EFG-Hermes said.

Shares in OT rose more than one percent after the news before easing back to 59 Egyptian pounds by 0920 GMT, a 0.7 percent decline from Monday's closing price.

Spectrum has become a highly desirable asset for telecom companies that see data services such as wireless e-mail, text messaging and multimedia downloads as key to their growth. Having more spectrum lets companies offer a broader menu of services to a larger base of subscribers.

Orascom Telecom said it was waiting for the final regulatory approval for the license. The group has operations in several countries including Pakistan, Algeria and Egypt.