Rochester, NY 7/31/2009 12:20:05 PM
After Hours - Sprint Nextel Corp. S, Sprint Nextel Corporation soon to Acquire Virgin Mobile USA, Inc.
Sprint Nextel Corp.
Board of Directors of Sprint Nextel Corporation and Virgin Mobile USA, Inc. approved a definitive agreement for Sprint to acquire Virgin Mobile USA. The said agreement is said to total equity value of approximately $483 million. This includes the value of Sprint's current 13.1% fully diluted ownership interest in Virgin Mobile USA.
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Under the terms of the company’s agreement, stockholders of Virgin Mobile USA will receive shares of common stock of Sprint based on the exchange ratios described and cash in lieu of fractional shares.
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