Sprint Nextel (S) to acquire Virgin Mobile (VM) in an all-stock deal worth around $5.50/share...

|About: Sprint Corporation (S)|By:, SA News Editor

Sprint Nextel (S) to acquire Virgin Mobile (VM) in an all-stock deal worth around $5.50/share ($483M). Sprint already owns 13.1% of Virgin, which offers cheap prepaid wireless plans. It will also retire $205M of Virgin's debt.