Beyond ONE, the Dubai-based digital services provider and TMT-sector investment and operations company announced the acquisition of Virgin Mobile Latin America (VMLA), a leading mobile virtual network operator (MVNO) with active operations in the region, including in Mexico and Colombia.
Virgin Mobile Latin America currently serves more than three million users, with a team of 700 employees.
The deal marks the second for Beyond ONE, following its first acquisition earlier this year of Virgin Mobile Middle East and Africa (VMMEA), which currently operates across Saudi Arabia, the United Arab Emirates, Oman and Kuwait.
Virgin Group is a minority investor alongside Beyond ONE in Virgin Mobile Middle East and Africa and will also participate alongside Beyond ONE in VMLA, with long-term brand agreements in place with both businesses.
Markus Tagger, Group CEO of Beyond ONE, said the entry into Latin America marks a successful milestone for Beyond ONE in its global ambition.
“VMLA offers significant opportunity for growth with its large user base and footprint, and we are committed to serving and growing with our customers across Mexico, Colombia and beyond,” he said.
Juan Guillermo Vélez Ospina, CEO of Virgin Mobile Latin America,said this new chapter for VMLA will offer its customers service and product enhancements, while staying true to the values that align VMLA and Beyond ONE.
Josh Bayliss, CEO of the Virgin Group,said the investment from Beyond ONE will bring additional firepower to the teams on the ground as they build on Virgin Mobile’s strong track record and innovative approach.
Driven by increasing smartphone adoption and video usage, mobile data traffic is expected to grow more than fourfold across the Latin American region over the next six years, compared to the global average threefold rate – rising from 7.9GB per month to 35GB per month, according to The Mobile Economy 2022 report.
Beyond ONE, a subsidiary of private global investment company Priora Management Holding Dubai, intends to become a leading digital services provider in growth markets around the world, radically reshaping consumers’ interaction with technology.
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