Sprint announced today that it will acquire Virgin Mobile USA. The stock deal is valued at US$483 million (including Sprint’s existing 13.1-per-cent stake in Virgin Mobile).
This acquisition will strengthen Sprint’s position in the growing prepaid segment by bringing together under one umbrella the iconic Virgin Mobile brand with Sprint’s successful Boost Mobile business. These complementary prepaid brands, each with a distinctive offer, style and appeal to different customer demographics, will continue to serve existing and prospective customers following the completion of the transaction.
The transaction is expected to be completed by early 2010 at the latest.