U.S. mobile operators Sprint Nextel and Virgin Mobile USA today announced that their boards of directors approved a definitive agreement to buy Sprint-ohm Virgin Mobile USA for a sum equivalent to $ 483 million, which includes the current value of 13.1% fully diluted Sprint share in Virgin Mobile USA. In addition, the completion of the transaction, Sprint will buy all outstanding debt owed by Virgin Mobile USA, which is $ 248 million, net of cash and equivalents on 31 March, 2009, but which is expected to be no more than $ 205 million . at the end of September this year.
This transaction, Sprint intends to strengthen its position in the market for prepaid mobile services.
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