Virgin Group PLC is finally free to consider an initial public offering (IPO) of its mobile business, having settled a long-running legal dispute with T-Mobile UK Ltd.
Virgin Group has been embroiled in a legal wrangle with T-Mobile for two years of its four-year agreement with the company, Virgin spokesperson Steven Day said Friday. The dispute revolved around the fees paid by T-Mobile for marketing the company, Day said.
Virgin Group has taken over T-Mobile’s 50-per cent stake in Virgin Mobile Telecoms Ltd. for an undisclosed sum. Additionally, T-Mobile is entitled to 25 per cent of any so-called “value realization” of Virgin Mobile over