It looks like it’s finally official. Virgin Mobile USA and Helio have reached a deal and the former has completely acquired the latter. SK Telecom and Earthlink, which are Helio shareholders have received 13 million shares of Virgin Mobile USA stock.
All of the regulatory approval were met. The 13 million shares of Virgin Mobile USA Class A common stock are valued at around $38 million. Beyond that, both SK Telecom and Virgin Group will be investing a total of $25 million in Virgin Mobile USA.
The buyout was announced on June 27, is believed to also improve network rates from Sprint. The deal will bring approximately 170,000 new customers from Helio over to Virgin Mobile.