Sprint Nextel Corp. is intensifying its focus on the fast-growing market for prepaid cell phone service with a $483 million deal to buy Virgin Mobile USA Inc.
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Sprint Nextel said Tuesday it is buying Virgin Mobile USA for $483 million, further narrowing the range of consumer choices for prepaid cell phone service.
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Third-place wireless carrier Sprint Nextel announced yesterday that it would purchase prepaid phone service Virgin Mobile at $5.50 a share, a deal estimated at $483 million.
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Virgin Mobile will become a second prepaid Sprint brand, parallel to the existing Boost Mobile brand, the two companies said in a press release.
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In what looks to be shaping up to be another healthy week for M&A activity, Sprint Nextel is putting more of its focus on the prepaid cell phone service market with a $483 million deal to buy out Virgin Mobile USA .
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