Spanish mobile network operator Masmovil has acquired Lycamobile Spain, in a deal reported to be worth €372m.
Lycamobile is the world’s largest mobile virtual network operator (MVNO) and the decision to divest its Spanish operations will raise cash for expansion elsewhere.
“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,” said Allirajah Subaskaran, founder and chairman of the Lyca Group.
“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.”
The deal is still subject to the standard European regulatory approval process.