Carphone Warehouse, Virgin agree Virgin Mobile France disposal
LONDON (Reuters) - Britain's Carphone Warehouse and entrepreneur Richard Branson's Virgin Group have agreed to sell Virgin Mobile France, their joint venture mobile virtual network operator to Numericable for an enterprise value of 325 million euros.
Carphone, Europe's biggest independent mobile phone retailer, owns 46 percent of Virgin Mobile France's holding company Omer Telecom Ltd. Branson's Virgin Group also owns 46 percent with the balance held by management.
The parties, having entered into exclusive talks with Numericable on May 16, said on Monday they have now signed a legally binding sale and purchase agreement.
The deal remains conditional on the approval of the French Competition Authority.