The deal

FRP Corporate Finance completes pre-pack sale of global mobile communications company

We’re pleased to have advised on the pre-pack sale of Truphone Limited (Truphone), a global mobile communications company, to TP Global Operations Limited, in a transaction that saves around 450 jobs.

Headquartered in London and with a research and development centre in Lisbon, Truphone specialises in the provision of connectivity plans and mobile phone recording compliance solutions for major financial institutions; connectivity plans for enterprises and eSIM enabled internet of things (IoT) devices; and remote eSIM provisioning solutions for mobile operators. The firm has coverage across 200 countries, with 400 direct network agreements in place.

The successful sale of the business preserves around 450 jobs, both in the UK and overseas, and ensures that Truphone’s innovative technology will continue to develop. Truphone’s new owners will focus on expanding the business’ compliance solutions as well as its eSIM technology.

We were engaged by Truphone to explore strategic options for the company following the start of the Ukraine conflict and the majority ownership of Truphone by Russian interests. Following an initial review of options, FRP Corporate Finance’s special situations M&A team commenced an extensive sale process, involving a number of international parties, to put in place a new ownership and funding structure.

A multidisciplinary team, led by Restructuring Partner Geoff Rowley and FRP Corporate Finance Partner Matthew Flower, then worked closely to help Truphone find a solution to the financial and operational challenges it faced.

Following the comprehensive sale process, our team completed the sale of the business and assets via a pre-pack transaction to TP Global Operations Limited, a vehicle owned by technology entrepreneur Hakan Koç and former telecoms executive Pyrros Koussios. The transaction was finalised following clearance under the UK National Security and Investment Act 2021, and also the granting of a license by the UK Office of Financial Sanctions Implementation, given that Truphone became a sanctioned entity due to its majority shareholders themselves being sanctioned.

Matthew Flower, Partner at FRP Corporate Finance, commented: “Truphone is a well-established mobile network business with an extensive international reach, so there was a great amount of interest from international investors. It was important we moved the process forwards efficiently and targeted parties with knowledge of the industry and Truphone, while reacting quickly to an ever-changing environment. As a result of our close collaboration with the leadership team and our expertise in dealing with complex situations, we created high levels of engagement and secured the backing of talented entrepreneurs for the Truphone business.”

Geoff Rowley, Chief Executive Officer of FRP, commented: “This was a highly complex transaction, undertaken against a challenging operational and financial background for Truphone. The sale saves the jobs of around 450 employees, both in the UK and overseas, and represents a significant opportunity for the business to further expand its services and invest in its leading technology.”