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Industry: Email Alert RSS FeedVirgin Mobile USA completes acquisition of Helio
Telecomworldwire, August 25, 2008
TELECOMWORLDWIRE-25 August 2008-Virgin Mobile USA completes acquisition of Helio(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Virgin Mobile USA, Inc (NYSE:VM), a US provider of pay-as-you-go wireless services, announced on Friday (22 August) that it has completed its acquisition of mobile brand Helio, a joint venture between SK Telecom and EarthLink Inc (Nasdaq:ELNK).
In connection with the acquisition, Helio shareholders, SK Telecom and EarthLink, have received limited partnership units and shares equivalent to 13m shares of Virgin Mobile USA Class A common stock, with a value of USD38m. In addition, SK Telecom and Virgin Group will each invest USD25m in Virgin Mobile USA for preferred shares.
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Virgin Mobile USA said that the transaction provides the company with: a set of differentiated data applications; entry into the postpaid market; approximately 170,000 Helio customers; revised terms for the Sprint (NYSE:S) PCS Services Agreement; reduction in net debt of approximately USD35-40m; an increase to the company's total revolver from USD75m to USD135m; as well as the addition of SK Telecom as a strategic shareholder with two seats on the Company's Board of Directors.
((Comments on this story may be sent to tww.feedback@m2.com))
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