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Sprint Nextel Corporation and Virgin Mobile USA, Inc. have announced today that they reached an agreement for Sprint to acquire Virgin Mobile USA for around $483 million. At the same time, the deal between the two also includes the fact that “Sprint will retire all of Virgin Mobile USA’s outstanding debt,†estimated at $248 million net of cash and cash equivalents on March 31, 2009. The purchase is expected to enable Sprint to strengthen its position in the prepaid segment by unifying the Virgin Mobile brand and its Boost Mobile business. According to the wireless carrier, the two brands are complementing each other, as they come with different offerings, style and target segments. Moreover, the prepaid businesses will continue to exist after the closing of the transaction, the carrier added. As soon as the deal is closed, Sprint’s prepaid business will have Dan Schulman at the helms, who currently serves as Virgin Mobile USA's chief executive officer. He will r!
eport directly to Dan Hesse, Sprint Nextel’s president and CEO. Schulman will take care of the company's prepaid business strategy and growth. Boost Mobile will be led by Matt Carter, who will report to Schulman. “The acquisition of Virgin Mobile USA positions Sprint for even greater success in the prepai...
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http://news.softpedia.com/news/Sprint-to-Purchase-Virgin-Mobile-USA-117744.shtml
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