Virgin Mobile to acquire Helio (South Korea)
July 15, 2008
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Virgin Mobile has made a $39 million stock offer to buy South Korean handset maker Helio, a JV between South Korea's SK Telecom and Earth Link, Incorporated. In addition, the Virgin Group and SK Telecom will each invest $25 million of equity capital in Virgin Mobile. The move will give SK Telecom a 17 per cent stake in Virgin Mobile. The deal is expected to be completed by the third quarter of 2008.
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