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Sprint to acquire Virgin Mobile for $483 million

Updated 4 years ago
Published Jul 28th, 2009 9:09AM EDT

Didn’t see this one coming… Apparently Branson’s Helio-hawking MVNO Virgin Mobile is about to be gobbled up by the nation’s number three. Sprint has officially announced its intentions to acquire the popular prepaid peddler and according to the release, it’s a done deal. Sprint will cough up $483 million in total for the acquisition, though its current 13.1 percent stake in the company factors into that figure. The carrier will also cover VM’s $250 million in debt at closing. We’re not yet sure how the VM brand will be positioned in Sprint’s arsenal — perhaps it will remain a separate brand or maybe it will be folded into Boost Mobile — but the bottom line is Sprint sees plenty of potential in the prepaid market. You know what they say… There’s no money like up front money.

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Zach Epstein
Zach Epstein Executive Editor

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.