Branson close to deal with T-Mobile

29 Jul 2003

Sir Richard Branson and pan-European mobile operator T-Mobile are close to reaching an out-of-court settlement over their 50/50 joint venture Virgin Mobile. The two shareholders have been involved in a contractual dispute since 2000. Sir Richard Branson wants T-Mobile to sell its 50% stake in Virgin Mobile in order to allow the flotation of the MVNO. The hearing for the case is scheduled to take place in summer 2004, but now that the two parties appear to have reached an agreement among themselves, the session is unlikely to go ahead. Sir Richard hopes that the improvement in relations will enable Virgin Mobile to be floated on the stock exchange in the first quarter of 2004.

United Kingdom