Having already invested US$300 million in mobile operators in Africa, the Saudi cell phone company, HITS Telecom, is now reported as being in negotiations to purchase a majority holding in an existing European MVNO. The company said it would use this acquisition--without naming the MVNO, as its launch platform to enter other European markets.
HITS Telecom has also revealed that it plans to expand its operations in Africa--it currently has holdings in Tanzania, Liberia, Equatorial Guinea and the Democratic Republic of Congo, and build up its Latin American business outside of its present Brazilian company.
HITS Telecom said it would raise US$300 million within the next few months by selling a stake in its African unit to private equity investors.
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