Virgin Mobile USA will pay $39 million in stock to buy operator Helio, the company said Friday.
The deal ends more than a month of speculation that the two troubled mobile virtual-network operators would combine forces.
As part of the purchase, Virgin Group, which owns Virgin Mobile USA, and SK Telecom, the South Korean phone giant that holds a majority stake in Helio, will each invest $25 million in the combined company. In exchange for its investment, SK Telecom will be given a 17 percent stake in Virgin Mobile.
Helio, which was created to bring advanced cell phones and services to the U.S. market, … Read more