Virgin Mobile USA Close To Helio Buyout

Wednesday, June 25th 2008 -- Virgin Mobile USA announced their intentions today to purchase the MVNO Helio. The move will help Virgin Mobile USA absolve their largest competitor in a market that has seen several large MVNO providers fall, such as Amp'd Mobile and the critically lauded Disney Mobile. Exact details of the takeover have yet to emerge as talks have just begun.

What is known thus far is that Virgin Mobile is seeking to buy SK Telecom's 69% share of the company a move that will obviously give the MVNO a controlling interest in the company. Interestingly enough SK Telecom will continue to invest in the company per the early drafted terms of the agreement.

Its not known what Earthlink will do at this time with their 28% share in the company, or how the companies will form a cohesive unit. Talks are still in the early stages and the terms of the agreement may change as negotiations progress.

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