Finsbury in Virgin Mobile float deal

Virgin Mobile Holdings (UK), the country’s largest virtual mobile network operator, has hired Finsbury to handle PR around the planned £1bn flotation of the company.

Finsbury director James Murgatroyd is leading the account and reports to Virgin Mobile director of corporate affairs Steven Day.

Virgin Mobile plans to list on the London Stock Exchange by the end of this month with an additional global offering of shares to institutional investors.

JP Morgan, Morgan Stanley and Investec Securities are underwriting the flotation, with the former two also acting as joint global co-ordinators.

Virgin Mobile formally launched its financial comms drive this week after announcing its intention to float on 30 June.

The company will tour Europe as part of a roadshow to promote its listing.

Cash revenue of up to £300m from the flotation could be used to help set up a Virgin Group domestic airline in the US, though part of the proceeds are expected to go to T-Mobile, which Virgin has agreed to pay £100m in the event of a successful listing of its mobile subsidiary.

T-Mobile provides the network for Virgin Mobile’s service. The arrangement removes the need for Virgin Mobile to invest in its own infrastructure.

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