Titan picks off MVNO Ready Mobile, looking for more targets

Holding company Titan Global Holdings Inc. has agreed in principal to acquire prepaid mobile virtual network operator Ready Mobile L.L.C., which only began operations last year.
Financial terms of the deal were not disclosed, but it is expected to close by March 15. Titan subsidiary Titan Wireless Inc., which is also an MVNO, will take over Ready Mobile’s assets. According to Titan, Ready Mobile has a distribution network of more than 4,000 retail locations and generated more than $9 million in revenue while garnering more than 30,000 subscribers in its first year of operation. Ready Mobile offers two brand name products: Ready Mobile PCS and Mojo Mobile; it offers services nationally via Sprint Nextel Corp.’s wireless network.
“Our existing retail footprint will bolster Ready Mobile’s retail sales channel and the addition of Ready Mobile’s wireless customers will double our active subscriber base,” said Kurt Jensen, president and CEO of Titan’s communications division. “Furthermore, we expect to achieve additional synergies and cost savings by leveraging Ready Mobile’s distribution strength and Titan’s operating capabilities.”
Titan noted that the acquisition is “consistent with [its] stated strategic plan to opportunistically acquire and roll-up competitive MVNOs. Titan has and will target and pursue other MVNOs through 2007 for similarly structured acquisitions.”