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Sprint To Acquire Virgin Mobile

Sprint Nextel Corp. will acquire prepaid competitor Virgin Mobile USA in a package valued at $483 million, the companies announced.

After the transaction's close, the company's prepaid business, which will include Virgin Mobile and Sprint's prepaid brand, Boost, will be led by Dan Schulman, the current chief executive officer of Virgin Mobile USA. According to a release announcing the deal, Virgin Mobile and Boost are "complementary prepaid brands" that will "continue to serve existing and prospective customers."--Aaron Baar

Tags: telecom
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