Sprint Gobbles Up Virgin Mobile For $483 million
Posted: July 28, 2009
By: techcrunch.com
In what looks to be shaping up to be another healthy week for M&A activity, Sprint Nextel is putting more of its focus on the prepaid cell phone service market with a $483 million deal to buy out Virgin Mobile USA.
The acquisition, which was announced earlier this morning, calls for Sprint to pay $5.50 in stock for each Virgin Mobile share, a 31 percent premium to the MVNO’s closing share price Monday of $4.21. The deal is expected to receive approval either in the fall or in early 2010…….[read entire story]
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