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Virgin Mobile Latin America Charges BTG Pactual with Finding Buyer

Virgin Mobile Latin America Charges BTG Pactual with Finding Buyer

Virgin Mobile Latin America is actively seeking a buyer after discussions regarding a potential take-over by Telefonica fell through.

Brazilian bank BTG Pactual has been tasked with handling the sale of Virgin Mobile Latin America. The company operates MVNOs in Chile, Columbia and Mexico – it sold its operations in Peru in 2017 - via the networks of operator Movistar, of which Telefonica is the parent firm.

Telefonica was mulling a full acquisition of Virgin Mobile Latin America’s business but abandoned the idea, although reportedly other parties have since expressed interest. The MVNO provider has the backing of Virgin and several other stakeholders, and is valued at around $300 million.

Virgin Mobile Latin America launched in Chile in 2012 and Columbia in 2013, with the aim of expanding into new markets – including Brazil and Mexico - to establish a strong regional presence. It began operating in Mexico in 2014 but has thus far not launched in Brazil.

While the MVNO provider made a strong marketing push into Mexico, this never translated into an increased market share – it currently holds around 0.1% of the market.

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