Russian tycoon Roman Abramovich has snapped up a 23.3% stake in Truphone for £70m to support the UK telco’s international expansion plans.
Abramovich acquired the stake through his Minden investment vehicle in a funding round that also raised £5m…
Russian tycoon Roman Abramovich has snapped up a 23.3% stake in Truphone for £70m to support the UK telco’s international expansion plans.
Abramovich acquired the stake through his Minden investment vehicle in a funding round that also raised £5m from an undisclosed investor. A Truphone spokesman said the move is thought to be Abramovich’s first foray into the telecoms sector.
Truphone, a VoIP provider that currently operates MVNO services in the UK, US and Australia, plans to use the proceeds to expand into five more countries this year: The Netherlands, Hong Kong, Poland, Germany and Spain. The company said it is also in discussions to grow in additional countries as it looks to double the size of its market over the next 12 months.
Truphone’s technology lets customers use a local number in the countries it has a presence in, enabling them to access voice, data and SMS services at local rates.
CEO Steve Robertson said: “Our business is based on a global model, unique in mobile telecoms.” He continued, “Staying connected is crucial to the way we live our lives – and the demand for connectivity is growing. This funding round will enable us to continue to bring the promise of a mobile phone service without international borders into new markets across the world.”
Vollin Holding remains Truphone’s largest shareholder with roughly a 60% stake.