Sprint completes Virgin Mobile acquisition
FierceWireless Nov 24 09
Sprint Nextel said it completed its $483 million deal to acquire Virgin Mobile USA, a move that will double its bet on prepaid wireless--one of the few growth engines this year in the wireless operator.
The deal had been expected to close in the fourth quarter. Under the transaction, Virgin Mobile shareholders will own around 3 percent of Sprint. Virgin Mobile CEO Dan Schulman will lead Sprint's prepaid business, and will be responsible for the prepaid segment's growth and business strategy. Matt Carter will continue to run Sprint's prepaid Boost Mobile brand and will report to Schulman. Full story...
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