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Colombian Bank Buys Majority Stake in Local MVNO
Published on:
The Colombian bank, Banagrícola has bought a 70% stake in the local MVNO, UFF! Mobile for approximately US$11.5 million.
The shares were acquired from investment companies linked to the Carlos Julio Ardila´s Family, and a group of investors including Santiago Aldana Sanín, Manager of the Company. Both investment groups will continue as shareholders of the Company, each with 15% stakes.
UFF has 272,000 active users and a network of 1,100 sales points and about 100,000 top up points in supermarkets, chain stores, distributors and retailers throughout the country.
Grupo Bancolombia, which owns Banagrícola said that it would use the acquisition to boost its mobile services.
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