Virgin Mobile finally accepted the $1.67 billion takeover offer from cable operator NTL. Here's a run down of the deal:
- The new company will become the first quadruple play operator in the U.K. with high-speed Internet, telephone, cable TV and mobile services.
- It will take the Virgin brand for at least the next 30 years.
- Richard Branson, who has a controlling stake in Virgin Mobile, will be the largest shareholder in the combined company with a stake of about 10 percent and a rep on the board.
- The number of shares being offered has been adjusted from an earlier approach in January as a result of NTL's completion of its merger with cable peer Telewest in early March.
- In December, Virgin Mobile rejected a $1.4 billion offer from NTL.
- In February, Virgin Mobile reported that its active customer base gained 12 percent to 4.36 million after it added 193,000 net users in the third quarter.
For more on NTL's acquisition of Virgin Mobile:
- take a look at this article in The Wall Street Journal (sub. req.)