Dubai firm buys Virgin Mobile MEA

Dubai-based Beyond One, a subsidiary of Priora Management Holding, has successfully acquired Virgin Mobile Middle East and Africa (VMMEA), one of the largest mobile virtual network operators in the region. The acquisition was approved under Saudi Arabia’s recent legislation allowing foreign direct investment and non-Saudis to take full ownership in certain sectors. The details of the transaction, including the financial aspect, have not been disclosed to the public.

The CEO of Beyond One, Markus Tagger, spoke highly of the acquisition, saying that the acquisition of companies with strong positions and growth potential was a priority for the investment firm. He also reassured customers, partners and employees of both Virgin Mobile and Friendi Mobile that their brands and trust would be maintained.

Beyond One now has a clear control stake in VMMEA, which includes all its minority subsidiary interests in various countries. The telecoms industry has seen major changes in recent years with the integration of new technology, and mergers and acquisitions have become a popular way for companies to evolve their business and add new capabilities.

According to a report by Bain, the value of merger and acquisition deals in the telecoms sector declined by 52% in 2022, to $79 billion from $163 billion in 2021. Europe, the Middle East, and Africa accounted for half of the total global transaction values last year.

Virgin Group, the parent company of VMMEA, will invest alongside Beyond One and retain a minority stake in the company, with a seat on the board. Beyond One is a technology, media, and telecoms investment and operations company founded in Dubai in 2021, with plans for further acquisitions in high-growth markets around the world. The company is currently in negotiations with potential targets in the communications, Fintech, and entertainment space.