Tech investment firm Beyond ONE buys ‘virtual’ network operator Virgin Mobile MEA

Tech investment firm Beyond ONE buys ‘virtual’ network operator Virgin Mobile MEA

Dubai: Beyond ONE has acquired Virgin Mobile Middle East and Africa (VMMEA), the mobile virtual network operator (MVNO) with operations in the UAE, Saudi Arabia, Oman and Kuwait. The latter operates under the Virgin Mobile and Friendi Mobile brands. Beyond ONE is a recently formed subsidiary of Priora Management Holding Dubai. The deal is the first for Beyond ONE, a company focussed on technology, media and telecommunications investments. Priora Management Holding Dubai is owned by Swiss businessman Remo Stoffel, and Beyond ONE Group CEO Markus Tagger. Virgin Mobile MEA, founded in 2006, was one of the early movers into virtual mobile networks in the region. It has more than 3 million users and operates a ‘profitable, industry-leading digital communication platform for both its Virgin Mobile and Friendi Mobile operations’. The deal sees Virgin Group invest alongside Beyond ONE, retaining a minority stake in the company and a seat on the board. “We are looking at the acquisition of companies with a strong position and significant growth potential in their respective markets – VMMEA’s operations comfortably meet these requirements,” said Tagger. “Both Virgin Mobile and Friendi Mobile benefit from strong brand equity and significant trust from their customers, partners and employees,