Mobile Virtual Network Operator, Virgin Mobile Latin America has agreed a  $86 million equity capital funding round supported by an expanded debt facility of $41.5 million to include the new operations in Mexico.

Virgin plans to finance the launch of the Virgin Mobile brand in Mexico this year and Brazil the following year.  The proceeds will also be used to fund further growth and expansion in existing operations in Chile and Colombia.

Virgin Mobile Latin America launched operations in Chile in 2012 and Colombia in 2013. The company is currently preparing its launch of Virgin Mobile in Mexico and expects to receive Brazilian regulatory approval in the coming weeks for its telecom license, which will allow Virgin Mobile to launch in Brazil in 2015.

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