Virgin Mobile Latin America Raises USD86mn In Equity Capital Funding


News: US-based Virgin Mobile Latin America has raised equity capital funding of USD86mn with Singapore's Temasek Holdings as the lead investor. The firm claims that the new round of financing will be supported by an expanded debt facility of USD41.5mn. The proceeds of this financing will be used to launch the Virgin Mobile brand in Mexico in 2014 and Brazil in 2015 and to further expand in the region, including the firm's existing operations in Chile and Colombia, according to a statement by the firm. The company to be adding more than 100,000 new subscribers each month and will soon reach 1mn active subscribers in the region, according to remarks by CEO Peter Macnee, referring to the Chilean and Colombian units.

This article is tagged to:
Sector: Telecommunications
Geography: Mexico, Brazil, Chile, Colombia

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