Sprint completes Virgin Mobile USA acquisition

Today Sprint announced that it has completed its acquisition of Virgin Mobile, one of the MVNOs that functions on Sprint's network. The merging of Virgin into Sprint will give Sprint a stronger position in the pre-paid cell phone market, which has shown a fair bit of growth as people attempt to save money in this difficult economic period.

Sprint already owns the popular Boost Mobile MVNO, which has also seen growth over the past year.

The completion of the Virgin Mobile USA acquisition sees Virgin Mobile USA shareholders receiving Sprint Nextel common stock. South Korea's SK Telecom, which acquired a stake in Virgin Mobile USA when it sold its share of MVNO Helio to Virgin Mobile USA, will also acquire shares in Sprint Nextel, as will The Virgin Group, which is the original parent of Virgin Mobile USA.