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November 23, 2009

Sprint completes acquisition of Virgin Mobile USA

To strengthen Sprint position in prepaid segment

By CBR Staff Writer

Sprint Nextel said that it has completed the acquisition of Virgin Mobile USA, which will strengthen its position in the prepaid segment by bringing together the iconic Virgin Mobile brand with Sprint’s Boost Mobile business.

Virgin Mobile USA stockholders approved the transaction with Sprint. Under the merger transaction, all stockholders of Virgin Mobile USA will receive 1.3668 shares of Sprint common stock for each share of Virgin Mobile USA class A common stock.

The Virgin Group will receive 1.2724 shares of Sprint common stock for each share of Virgin Mobile USA common stock owned by the Virgin Group and 149.6941 shares of Sprint Nextel common stock for each share of Virgin Mobile USA preferred stock owned by the Virgin Group.

SK Telecom will receive 1.2279 shares of Sprint Nextel common stock for each share of Virgin Mobile USA common stock owned by the Virgin Group and 144.4588 shares of Virgin Mobile USA preferred stock owned by SK Telecom.

Dan Hesse, CEO of Sprint, said: “With continued growth in the US prepaid segment, Sprint is further positioning itself as a leader. With Boost’s continued success and the iconic Virgin Mobile brand under one umbrella, Sprint will offer customers value and flexibility with great devices running on a dependable network with great coverage.”

Dan Schulman, formerly the CEO of Virgin Mobile USA will be president and Matt Carter, former head of Boost, will lead the sales and marketing efforts for the combined prepaid group at Sprint.

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