Following an unsuccessful attempt to find a buyer last year, London-based MVNO Lebara has publicly ruled out plans to sell the group, as it continues to evaluate an internal restructuring to slash costs.
A company spokesperson officially confirmed RBS…
Following an unsuccessful attempt to find a buyer last year, London-based MVNO Lebara has publicly ruled out plans to sell the group, as it continues to evaluate an internal restructuring to slash costs.
A company spokesperson officially confirmed RBS was no longer advising Lebara, which hired the bank last year to explore strategic options that included a possible sale. Lebara has not hired another advisory bank.
Media reports last year suggested the MVNO had received around 20 expressions of interest from companies within Europe, Africa and India, including UK mobile operator T-Mobile and Dutch incumbent KPN. At the time it was estimated that the sale could raise around £650m for the group.
However, in an emailed statement to TelecomFinance on 9 May, Lebara said: “Our ambition to become the brand of choice for one billion people by 2020 has led us to investigate new opportunities for the business. The company is not currently for sale, but our commitment to our customers means we will continue to explore new ways to deliver innovative new products and services and the best possible combination of cost and quality.”
The company, which targets ethnic minorities and is active in Denmark, Norway, Netherlands, Spain, Sweden and Switzerland, added that it was internally consulting with its employees to reduce costs under tough economic conditions.
