Credit Mutuel-CIC acquires stake in MVNO NRJ Mobile

14 May 2008

The French media group NRJ has sold a 40% stake in its mobile virtual network operator (MVNO) NRJ Mobile to Credit Mutuel-CIC bank for EUR15 million (USD23 million), Telecompaper reports. The bank, a co-founder of the MVNO, now owns around 90% of its stock. In a statement, NRJ said the impact of the mobile operator’s operational losses on the group’s financial results would be dramatically reduced as a result of the deal. NRJ Mobile has signed up around three quarters of a million people to its service.

France, EI Telecom (incl. NRJ Mobile, Auchan Telecom)