Beyond ONE™, a newly formed subsidiary of private global investment company Priora Management Holding Dubai, announced the acquisition of Virgin Mobile Middle East and Africa (VMMEA), the region’s largest mobile virtual network operator (MVNO), with active operations under its Virgin Mobile and Friendi Mobile brands in the Kingdom of Saudi Arabia, UAE, Oman and Kuwait.
Beyond ONE intends to become a leading digital services provider radically reshaping consumers’ interaction with technology in growth markets around the world. The investment strategy and operational management of the company is led by a team of seasoned international industry executives.
A pioneer MVNO in the Middle East has enjoyed considerable success since it was founded in 2006, serving more than three million users in multiple GCC countries and operating 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.
Beyond ONE acquires the entire operation of VMMEA and is increasing its shareholding to control positions in all local country operations by buying out minority shareholders. For VMMEA, the timing of the acquisition is on track with the long-term strategy agreed by its shareholder base following its successful 15-year growth path.
VMMEA will be led by the seasoned Beyond ONE executive team alongside most of the existing VMMEA team in each market. Together they bring industry experience, expertise, and a common vision for a digital world with fewer barriers, increased accessibility and a simpler, hyper-customised service that impacts consumers’ lives in a transformative way.
The acquisition signals confidence in the continued growth potential of the TMT-sector in the region and reiterates latest insights on global M&A activity for the sector.