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It looks like the rumors have come true, Virgin Mobile has officially announced plans to acquire Helio. The deal is still pending approval, however it is expected to close during Q3 2008.

The deal is not going to be a cash deal though, instead Virgin Mobile is taking Helio from the current owners, which are SK Telecom and Earthlink for $39 million in Virgin Mobile USA stock.

Its also sounding pretty good for current Helio customers, as they have already posted a nice FAQ to answer most questions. It also looks like there are not going to be any quick changes.

It seems to be that current Helio customers will not see any service interruption, and new customers are still able to sign up for Helio service. They do however expect the Helio brand to be integrated with Virgin Mobile in the future. It was also noted that this will not be a reason for current Helio customers to get out of the contract, they are and will remain in effect and any applicable termination fee’s would still apply.

Continue reading to check out the FAQ:

HELIO and Virgin Mobile USA are teaming up to combine our strengths and deliver a better mobile experience. On June 27th Virgin Mobile USA announced that it had signed an agreement to acquire HELIO.

  HELIO gains access to Virgin Mobile USA’s extensive distribution network and broad customer base, while Virgin Mobile USA gains access to HELIO’s exclusive, high-end devices and premium services. Both companies look forward to coming together to bring exciting prepaid and postpaid opportunities to their customers.

  Q: What does this mean for current HELIO members? Can I still use my HELIO device, while keeping my HELIO service plan and number?

  A: Current service plans will continue without interruption – it will be business as usual. HELIO members are at the center of this transaction and we’ll continue to bring them the innovative mobile services they’ve come to expect.

  Q: Can new members still sign up for HELIO service?

  A: Absolutely. HELIO will continue to offer exclusive, high-end devices and our innovative All-In plans.

  Q: Will the HELIO brand be retained, or will everything migrate to Virgin Mobile USA?

  A: Over time, we expect that all aspects of the customer experience will be integrated under the Virgin Mobile USA brand. Integration of the direct sales channel will begin immediately, and we expect that existing HELIO products and services will soon be offered through the Virgin Mobile USA website at www.virginmobileusa.com.

  Q: So what’s next?

  A: We’re excited by the possibilities our new, combined team offers. We have some big ideas, but as you can imagine, a little bit of housekeeping is in order before we share them. Stay tuned!

  Q: Does this affect my current contract with HELIO in any way? When Virgin Mobile USA does acquire HELIO, can I end my current contract without paying an early termination fee (ETF)?

  A: HELIO contracts remain in effect and unchanged by this transaction. HELIO members who wish to end their contract early will still be subject to an early termination fee (ETF).

Via [BGR]

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