Pay-as-you-go cellular provider Virgin Mobile has announced that its acquisition of Helio has been completed. Virgin Mobile reports it has now obtained all approvals needed to complete the purchase of Helio.

Virgin Mobile says that shareholders of Helio -- SK Telecom and EarthLink -- will receive limited partnership units limited to 13 million shares of Virgin mobile Class A common stock valued at $38 million. Each of the firms will also invest $25 million in Virgin Mobile for preferred shares.

Dan Schulman, Chief Executive Officer, Virgin Mobile USA, emphasized the benefits of the transaction to Virgin Mobile USA and the new opportunities for growth it creates. "Adding Helio's differentiated postpaid offer to Virgin Mobile USA's existing portfolio will expand both our market opportunity and our ability to deliver new products and services more rapidly," he said. "We believe this transformative transaction will bolster our leading position in the wireless space, and enable us to provide customers with whatever they need in wireless, always with our focus on great value, flexibility and customer service. We look forward to revealing our roadmap for expanded, innovative offers in the near future."

Via Virgin Mobile