Investment company Waterland Private Equity inked a deal with the owners of Lebara Group to acquire the multi-market MVNO for an undisclosed sum, as the buyer cited the opportunity for the mobile player’s further expansion.

The deal is subject to regulatory approval and is the result of discussions between Waterland and the MVNO group’s owner Alchemy and Triton Partners, which kicked-off in January.

Late in 2023, Lebara CEO Stephen Shurrock indicated to Financial Times a potential sale could be on the cards, with media reports subsequently placing several parties in the frame alongside Waterland.

Announcing the agreement, Waterland highlighted the MVNO’s “strategic positioning as a value-focused challenger brand” in the SIM-only segment of its markets, backing “significant growth opportunities as consumers across Europe increasingly seek high-quality services at competitive prices”.

The MVNO group claims to have more than 4 million customers in its footprint, which covers the UK, France, the Netherlands, Germany and Denmark.

It also has brand licensing agreements in Spain, Switzerland, Saudi Arabia and Australia.

Shurrock noted Waterland had “extensive experience” and a “successful track record in the telecommunications industry”, with the relationship set to “provide us with the resources and strategic support needed to accelerate our growth and enhance our service offerings, ultimately benefiting our customers across all our markets”.

Alchemy and Triton Partners have been the owners of Lebara since 2019.