May 15, 2014 / 1:00 PM / 5 years ago

Temasek leads $86 mln investment in Virgin Mobile Latin America

SINGAPORE, May 15 (Reuters) - Singapore state investor Temasek Holdings is the lead investor in the latest equity raising of $86 million by Virgin Mobile Latin America to fund expansion in Mexico and Brazil.

The mobile phone company also agreed an expanded debt facility of $41.5 million with International Finance Corp and the Central American Mezzanine Investment Fund II, it said in a statement.

Temasek confirmed it had invested in the company whose other shareholders include British billionaire Richard Branson’s Virgin Group but did not indicate the size of its stake.

Virgin Mobile Latin America said the funds it raised will be used to launch its brand in Mexico this year and Brazil in 2015, as well as to finance growth opportunities across Latin America, including its existing operations in Chile and Colombia.

Singapore’s two sovereign investors have stepped up investment in Latin America of late. Brazilian online sports goods retailer Netshoes received a new round of $170 million investment led by sovereign wealth fund GIC. (Reporting by Saeed Azhar; Editing by David Goodman)

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