Friday Nov 15, 2024
Friday Nov 15, 2024
Tuesday, 3 March 2020 00:00 - - {{hitsCtrl.values.hits}}
Lycamobile, the world’s largest mobile virtual network operator (MVNO) and part of the Lyca Group, yesterday announced the sale of Lycamobile Spain to the publicly-listed Masmovil, a Spanish mobile network operator (MNO).
The deal is valued at $ 420 million (around Rs. 76 billion) and Masmovil has also opted to retain the Lycamobile brand in Spain for the long term.
Lycamobile Spain launched in 2010 with the aim of delivering low-cost mobile services of the highest quality to the market. The company has since become the country’s leading MVNO, achieving impressive market penetration with over 1.5 million customers. Masmovil’s acquisition of the company is an affirmation of the accomplishment of Lycamobile in the market.
Commenting on the transaction, Lyca Group Founder and Chairman Allirajah Subaskaran said: “When we entered Spain, we dreamed of building the country’s largest MVNO with high-quality, cost effective mobile services. We have now succeeded in that mission, and the acquisition by Masmovil is an affirmation of our success and we are proud that Masmovil has retained the Lycamobile brand for the long term. We wish Masmovil the very best and continued success and growth in Spain.”
“We will now turn our attention to building our global presence with entry into new and exciting markets to add to our existing 23 markets, and furthering Lycamobile’s capabilities in the industry by rolling out similar MNO launches to that which we recently did in Uganda.”
“We would like to thank our loyal customers, our business partners, and the dedication of our Spanish Lycamobile team, who made our story in the country such a success.”
Macfarlanes acted as advisors to Lycamobile Spain.
Lycamobile is the world’s largest mobile virtual network operator, operating in 23 countries across five continents, and is the market leader in the international prepaid mobile calls market, with over 15 million customers worldwide and a new one joining every two seconds. Founded in 2006, it has fast become a global brand synonymous with connecting customers with their loved ones both nationally and across oceans, borders and networks at the lowest possible price.
Lycamobile is part of Lyca Group, a British multinational corporation delivering low-cost, high-quality products and services to communities across the globe. Since Lycamobile’s founding in 2006, a number of additional products and services have been added to Lyca Group’s portfolio, diversifying its offering across Telecommunications, Entertainment, Travel and Tourism, Healthcare, Media, Technology, Financial Services, Marketing and Hospitality.
Masmovil is the fourth largest telecommunications operator in Spain that provides fixed, mobile and broadband Internet services for residential, business and Wholesale, through its main brands: Yoigo, Pepephone, Masmovil, Hits Mobile, Lebara and Llamaya.
The group relies on a fibre/ADSL network for broadband and 3G and 4G network for mobile telephony. At present covers 22 million fibre households and reaches 18 million homes with ADSL. The company’s 4G mobile network covers 98.5% of the Spanish population. The Group has more than 8.6 million customers in Spain at the end of September 2019.
