Telecom giant Sprint Nextel unveiled a stock deal valued at $483 million on Tuesday (7/28/09) to acquire prepaid mobile phone company Virgin Mobile USA. The $5.50-a-share agreement represents a 13.1% premium from Virgin Mobile’s closing price Monday (7/28/09) and includes the value of Sprint’s current 13.1% stake in the company. Sprint will also retire Virgin Mobile’s outstanding debt, which is expected to be no more than $205 million on Sept. 30.

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