Virgin Mobile has finally found a partner for its mobile virtual network operator service: Sprint. Each company will contribute $50 million to the deal, which will allow Virgin Mobile to sell branded pay-as-you-go wireless service in the U.S. The two companies were rumored to be negotiating for months.
AT&T Buys Telecorp
AT&T Wireless Services will buy the 77 percent of TeleCorp PCS that it doesnt already own for about $2.35 billion in stock. AT&T, the third largest wireless player in the U.S., has been anxious to extend its reach through acquisition and by signing affiliate agreements.
Bondholders Dig In
A committee representing bondholders and creditors holding $1 billion in Excite@Home debt is working to unwind a deal to sell the bankrupt broadband providers assets to AT&T. The creditors — including Cisco Systems Capital, Creedon Capital Management, Lydian Asset Management, MacKay Shields and Tickets.com — hope to encourage other bidders to come forward or devise a way for the company to stay independent.