NTL Buys Virgin Mobile for $1.67 Billion
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Virgin Mobile said that it had accepted a takeover offer from British cable provider NTL on Tuesday, which would create a telecommunications powerhouse combining high-speed Internet, mobile and landline phone service, and cable television. The company would use the Virgin brand name under a 30-year licensing deal.
NTL paid 962.4 million pounds ($1.67B USD) for Virgin Mobile after a four-month pursuit of the cellular service provider. NTL previously offered 817 million pounds ($1.4B USD) for the company, however shareholders rejected the deal. Virgin Mobile would continue to be based in the U.K., NTL said.