Sprint Nextel today announced that it has completed its acquisition of Virgin Mobile. The transaction strengthens Sprint’s pre-paid customer base by bringing them together with Boost Mobile. Earlier today, Virgin Mobile stockholders approved the transaction.
“With continued growth in the U.S. prepaid segment, Sprint is further positioning itself as a leader,” said Dan Hesse, Sprint CEO. “With Boost’s continued success and the iconic Virgin Mobile brand under one umbrella, Sprint will offer customers value and flexibility with great devices running on a dependable network with great coverage.”
Virgin Mobile stockholders will receive shares of common stock of Sprint Nextel based on the exchange ratios listed in the Sprint Newsroom.
Customers using Sprint’s Boost Mobile or Virgin Mobile USA’s products and services will continue to enjoy the benefits of their current phones, service plans and features and do not need to take any action.
An experienced management team will lead Sprint’s prepaid group. Dan Schulman, formerly the CEO of Virgin Mobile USA, is now the president and Matt Carter, former head of Boost, will lead the sales and marketing efforts for the combined prepaid group.
Source: Sprint Newsroom