Sprint Buys Virgin Mobile For $483 Million

Sprint Nextel Corp. has announced plans to purchase Virgin Mobile U.S. for a whopping $483 million. The goal…boost its prepaid business.

It’s no secret Sprint has struggled over the past few years. The company has been plagued by high turnover rate prompting the company to look at better customer service. The move appears to take advantage of the struggling economy as many consumers look for cheaper plans and to get rid of monthly contracts.

[Via WallStreetJournal]