Virgin Mobile Acquires Helio

Today Virgin Mobile USA announced that it has closed on the acquisition of MVNO Helio, which was first announced in June. The acquisition gives Virgin Mobile the ability to offer its customers post-paid service and an expanded range of data applications. In order to close the deal, Helio shuttered all of its retail stores with the exception of a location in New York City. Virgin Mobile also renegotiated with Helio carrier partner Sprint to reduce its cost per minute. Helio's previous owners, SK Telecom and EarthLink, will receive shares in Virgin Mobile as part of the deal, and SK Telecom will contribute two members to the board of directors at Virgin Mobile.

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