Virgin closes Helio deal

Virgin Mobile USA completed its planned acquisition of Helio. Helio shareholders SK Telecom and Earthlink have received shares and limited partnership units equivalent to 13 million shares of Virgin Mobile stock valued at $38 million. In addition SK Telecom and Virgin Group will each invest $25 million in Virgin Mobile USA. SK will have a 17 percent investment in Virgin Mobile and two seats on the Virgin Mobile board of directors. 

The deal, first announced in late June, was contingent upon certain requirements--mainly that Helio had to cut its sales and distribution costs prior to acquisition. Virgin said all terms and conditions had been met and necessary regulatory approvals obtained.

For more:
- Read this release

Related stories:
Virgin buys Helio for $39 million
Helio closes all but one retail store

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