Sprint clinches purchase of Virgin Mobile

Sprint Nextel Corp. on Tuesday said it had completed its $483 million acquisition of Virgin Mobile USA, boosting its presence in the market for customers who pay for mobile phone service month-to-month.

Virgin Mobile shareholders earlier Tuesday voted in favor of the acquisition, which was announced in July and pays them $5.50 in Sprint stock for each Virgin Mobile share. The deal also includes retiring roughly $223 million of Virgin Mobile's debt.

Sprint Nextel already owned 13.1 percent of Virgin Mobile, which uses Sprint's network to offer service and has 5.2 million subscribers.

It's unclear how Virgin and Boost will coexist under Sprint. The company said customers of both brands won't see any immediate changes.

Sprint shares lost 15 cents, or 3.9 percent, to close Tuesday at $3.75.

—Associated Press