Sprint Buys Virgin Mobile Because It Apparently Had $483 Million Lying AroundS

Sprint's picking up Virgin Mobile in a deal worth $483 million. Virgin Mobile, if you recall, is an MVNO that runs on Sprint and bought Helio earlier. They're going to mash it up with their Boost Mobile for MVNO funtimes.

The idea, apparently, is to strengthen Sprint's prepaid business, or something like that. Now I really can't wait to see their quarterly earnings. Updated to reflect it's a stock deal. [Sprint]