The mobile market consolidates once again as Sprint Nextel today announced that it is acquiring Virgin Mobile USA for a total equity value of approximately $483 million (including the value of Sprint’s current 13.1 percent ownership interest in Virgin Mobile USA).
Sprint plans to maintain the Virgin Mobile brand and run it alongside with Sprint’s own Boost Mobile business, each catering to different customer demographics.
"The acquisition of Virgin Mobile USA positions Sprint for even greater success in the prepaid wireless segment," said Dan Hesse, Sprint Nextel president and CEO. "Prepaid is growing at an unprecedented rate with consumers keenly focused on value. Virgin Mobile is an iconic brand in the marketplace that will complement our Boost Mobile brand."
Those of you on currently Virgin Mobile USA shouldn't see any changes in service, though it will not be surprising if there will be some shuffling in rate plans coming soon.