Huge Group buys Tethys Mobile, formerly Virgin Mobile SA

7 Jul 2022

In a Sens announcement, telecommunications company Huge Group has announced that it acquired Tethys Mobile, the company formerly known as Virgin Mobile South Africa. It was announced last year September that Virgin Mobile South Africa has been placed under business rescue. Tethys is South Africa's and Africa's first MVNO when it launched to market in 2006.

Source: Virgin Mobile South Africa on Facebook

Huge Group intends to change the name of Tethys to Huge Digital Enablement as soon as the transactions are implemented and the company successfully exits the business rescue process.

The company noted that the rationale for acquiring Tethys is the indirect acquisition of its software and technology platform and the intellectual property related to this software and technology platform.

"The intention is to leverage the world-class technology built into this software and technology platform and the operational capabilities that exist in support of it.

"The intention is to leverage the world-class technology built into this software and technology platform and the operational capabilities that exist in support of it," said Huge Group in the announcement.

The transactions, when implemented, will see the post-commencement creditors who supported Tethys during the business rescue process settled in full; this includes Tethys subscribers who were due refunds after its access to network services was terminated in September 2021.

As part of the transactions, Huge Group will acquire Cell C’s claims against Tethys as well as the claims of various pre-commencement creditors.