Spain's fourth-largest telecom operator, Masmovil has announced plans to acquire mobile virtual network operator (MVNO) Lycamobile Spain for about €372 million. Masmovil has also opted to retain the Lycamobile brand in Spain for the long term.
Lycamobile Spain launched in 2010 with the aim of delivering low-cost mobile services of the highest quality to the market. The Company has since become the country's leading MVNO, achieving impressive market penetration with over 1.5 million customers.
Lycamobile's parent company, Lyca Group said that it will now turn its attention to building its global presence with entry into new and exciting markets to add to its existing 23 markets, and furthering Lycamobile's capabilities in the industry by rolling out similar MNO launches to that which it recently did in Uganda.
Allirajah Subaskaran, founder and Chairman, Lyca Group
When we entered Spain, we dreamed of building the country's largest MVNO with high-quality, cost effective mobile services. We have now succeeded in that mission, and the acquisition by Masmovil is an affirmation of our success.
