Lycamobile, the world’s largest mobile virtual network operator (MVNO) and part of 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 US $ 420 million (Rs.76 billion) and Masmovil has also opted to retain the Lycamobile brand in Spain for the long term.
Lycamobile Spain was 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.
Commenting on the transaction Sri Lankan-born Lyca Group Founder/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.”
He also said Lycamobile will turn its attention now to building its global presence with entry into new and exciting markets to add to its existing 23 markets and furthering Lycamobile’s capabilities in the industry by rolling out similar MNO launches similar to what it did in Uganda.
Macfarlanes acted as advisor to Lycamobile Spain.