LONDON -(Dow Jones)- Carphone Warehouse said Monday that it has signed a joint venture agreement with Virgin Group Investments Limited to operate a nationwide MVNO in France.
The MVNO will operate under the Virgin Mobile brand, using the Orange network.
The Company and Virgin will each own and fund 48.5% of the joint venture, with management owning and funding 3%. The assets and customers of Omer Telecom, the Company's existing MVNO operations in France, will be included within the joint venture.
Virgin Mobile will launch Monday in Paris. The proposition will encompass both pre-pay and subscription services, and will initially be distributed from almost 1,000 points of sale, including all Phone House and Virgin Megastore outlets.
As part of its media launch, Virgin Mobile said that it will outline its target to recruit one million customers in the first three years of operation. The likely financial impact of the new business will be disclosed on April 11, as part of the Company's overall annual guidance to investors and analysts.
The company said that Geoffroy Roux de Bezieux will become Chairman and Chief Executive of Virgin Mobile France. As a result, he is stepping down from The Carphone Warehouse Group Board and his role as Chief Operating Officer, Distribution, with immediate effect.
(END) Dow Jones Newswires "
Posted to the site on 3rd April 2006
Posted to: www.cellular-news.com/story/16794.php