In connection with the acquisition, Helio shareholders SK Telecom and EarthLink and have received limited partnership units and shares equivalent to 13 million shares of Virgin Mobile USA Class A common stock, with a value of $38 million based on the average closing price of Virgin Mobile USA’s Class A shares, as of two trading days before and two trading days after the date of announcement.
In addition, SK Telecom and Virgin Group will each invest $25 million in Virgin Mobile USA for preferred shares.
Dan Schulman, CEO, Virgin Mobile USA, said: This acquisition of Helio also comes with a number of financial benefits, including improved network rates from Sprint for Virgin Mobile USA, and strategic investments by SK Telecom and Virgin Group which improves our capital structure and increase liquidity.
