Sir Richard set to gain full control of Virgin Mobile

29 Oct 2003

T-Mobile is reported to have reached a broad agreement to cede control of Virgin Mobile to Sir Richard Branson, simplifying the complex alliance between the two companies. Under the terms of the proposed deal, which is expected to be completed by the end of 2003, T-Mobile could renounce its equity in Virgin Mobile in exchange for a either a customer services deal or a profit sharing arrangement, leaving the way clear for Branson to sell or float the MVNO for up to GBP1.5 billion.

United Kingdom