Sprint to Buy Virgin to expand its prepaid offerings
Sprint said it will buy Virgin Mobile in a stock deal valued at $483 million to expand its prepaid offerings and bring together the brand with its current Boost Mobile business.
Sprint, the No. 3 U.S. mobile service, also agreed to retire Virgin Mobile's outstanding debt when the deal closes, which is expected in the fourth quarter of 2009 or in early 2010.
Its prepaid business will be run by Dan Schulman, current Virgin Mobile CEO.
Sprint plans to issue between 81.4 million and 104.7 million shares in exchange for all Virgin Mobile common and preferred stock.
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