Errata - Channel Insider
Empowering the next generation Channel
 

Sponsored Links
  • Get up and running in as quickly as 30 days with BI. Learn how today.
  • FREE Securing Smartphones & Tablets for Dummies Book from Sophos
  • 5 New Technologies That Will Change Enterprise ITAdvertisement
  • Build an IT Infrastructure That Delivers the Future

    		•  

    Sprint Snaps Up Virgin Mobile

    in Errata



    DATE: 2009-07-28 | By Reuters
    Article Rating:starstarstarstarstar / 0
    Article Views: 2466

    Virgin Mobile's public shareholders will receive Sprint shares equivalent to $5.50 per Virgin Mobile share, subject to a collar of 1.0630 to 1.3668 Sprint shares per Virgin Mobile share

    Rate This Article:
    Poor Best
    Add This Article To:

    (Reuters) - Sprint Nextel Corp said it will buy Virgin Mobile USA in a deal that values the equity of the small wireless carrier at $483 million, including Sprint's current 13.1 percent stake.

    Sprint, the No. 3 U.S. mobile service, also agreed to retire all of Virgin Mobile USA's outstanding debt when the deal closes, which is expected in the fourth quarter of 2009 or in early 2010. It said it expects Virgin Mobile's debt to be no more than $205 million net of cash and cash equivalents by September 30.

    . The price is a 31 percent premium over Virgin Mobile's closing price of $4.21 on Monday.

    Virgin Mobile shares jumped to $5.20 in premarket trading on Tuesday. Sprint shares rose to $4.60 from their close at $4.55.

    (Reporting by Tiffany Wu; editing by John Wallace)




    comments dic


     
     
    >>> More Errata Articles          >>> More By Reuters
     



    		 


    Related Content

    Articles Labs/How-To Multimedia

    channel chatter


    HTML PLAIN TEXT

    Keep on top of news for VARs and Resellers with CI's Weekly Newsletter and Alerts.


    [ci] feeds
    XML
    Add Channel News, Product Reviews, Trends and Analysis to your RSS newsreader or My Yahoo!

     

    CHANNEL SPONSORED RESOURCE CENTER
     
     
     
    Start the New Year with business intelligence—it’s a smart move
    Join us on February 1 for an encore rebroadcast at either 5 am or 12 noon EST and discover how business intelligence (BI) supports companies in uncertain business and economic climates. Get expert advice on how to create a strategy that fits your organization's needs and budget and see how quickly it can pay for itself.
    Click Here
     
    Security and Availability Essentials for Running Your Business in the Cloud
    Are you moving to the cloud? Find out what every IT professional should know about security and availability before moving to the cloud. Hear what a security provider’s own CSO has to say.
    Watch Video
    A new algorithm automatically identifies relationships between variables to help reduce researcher prejudice.
    Click HereAdvertisement