NTL To Buy Virgin Mobile For $1.7 Billion; Triple-Play Powerhouse

So the deal finally went through, or at least the latest version of it: UK cable company NTL is buying Virgin Mobile in a $1.66 billion deal. NTL also said it has agreed to license the Virgin name from Virgin Group for about $15.6 million a year, creating a TV, broadband, fixed-line and mobile phone powerhouse under the brand.

Branson, whose Virgin Group owns a 71.3 percent stake in Virgin Mobile, has agreed to accept this option.

Bloomberg: NTL, which plans to adopt Virgin’s brand on all products, is targeting its second multibillion-0dollar acquisition in less than a year. It agreed in October to buy Telewest Global, Britain’s second-largest cable operator, for $6 billion.

Excruciatingly long details in the release here.

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