Virgin Mobile Latin America (VMLA) has been granted a licence to operate as an MVNO across Brazil by local regulator Anatel. VMLA aims to begin operations in the country at the start of next year and will operate as Virgin Mobile Brasil. It will…
Virgin Mobile Latin America (VMLA) has been granted a licence to operate as an MVNO across Brazil by local regulator Anatel.
VMLA aims to begin operations in the country at the start of next year and will operate as Virgin Mobile Brasil.
It will finance the launch using equity and debt it raised earlier this month. It secured US$86m in a funding round and increased its debt facility by US$22.5m.
VMLA increased the size of its debt facility to US$41.5m after reaching an agreement with International Finance Corporation (IFC) and a fund managed by investment firm LAP Latin American Partners.
Investment firm Temasek Holdings, owned by the government of Singapore, led the equity round and has become a significant shareholder, joining Virgin Group, Hermes Growth Partners, Eplanet Capital and El Coigue.
Before debuting in Brazil the MVNO venture will launch in Mexico and is on track to do so before the end of the year.
VMLA, founded in 2010, has attracted a total of US$140m in equity investments over the last three years.
It launched in Chile in 2012 and Colombia in 2013. VMLA says it is the leading MVNO in total customer numbers and rate of growth in both markets.
