Sprint Nextel to acquire Virgin Mobile USA for $483Mn

www.WirelessFederation.com/news: Sprint Nextel, the USA based mobile operator, has reportedly said that it will purchase Virgin Mobile USA in a deal worth $483 million, including Sprint’s current 13.1 percent stake.
Sprint has also decided to retire all of Virgin Mobile USA’s outstanding debt when the deal closes, which is expected in the Q4’09 or in early 2010. It said it expects Virgin Mobile’s debt to be no more than $205 million net of cash and cash equivalents by Sept. 30.

Virgin’s public shareholders will be given Sprint shares equivalent to $5.50 per Virgin Mobile share, subject to a collar of 1.0630 to 1.3668 Sprint shares per Virgin Mobile share.