Tuesday, 27 October 2009

Tele2 France being bought out by Virgin Mobile – France

Virgin Mobile, a joint operation between the Virgin Group and the Carphone Warehouse, has agreed to purchase Tele2 Mobile France from the Tele2 Group. The deal follows a selling off of mobile assets by Tele2 in Austria, Belgium, Denmark and Spain, with further withdrawals from other markets.

Charles Dunstone, Chief Executive Officer of Carphone, commented: "The Tele2 France deal marks a major step forward in Virgin Mobile's growth plans in France and will help it progress towards its target of being profitable during 2010 and its ambition of having more than 2m customers."

The deal has been valued at EUR 56 million and will mean a transferring of 429,000 subscribers onto Virgin Mobile. Carphone’s own estimates, according to the Financial Times, are that this will fall to 385,000 new subscribers to Virgin Mobile by completion.