King & Spalding Advises Sprint Nextel in Purchase of Virgin Mobile USA

NEW YORK, NY--(Marketwire - July 28, 2009) - King & Spalding, a leading international law firm, announced today that it advised Sprint Nextel Corporation in its definitive agreement to acquire Virgin Mobile USA for a total equity value of approximately $483 million, which includes the value of Sprint's current 13.1% fully diluted ownership interest in Virgin Mobile USA. In addition, at closing Sprint will retire all of Virgin Mobile USA's outstanding debt, which is $248 million net of cash and cash equivalents as of March 31, 2009, but is expected to be no more than $205 million net of cash and cash equivalents on Sept. 30, 2009.

For more information regarding this transaction, click here: http://newsreleases.sprint.com/phoenix.zhtml?c=127149&p=irol-newsArticle_newsroom&ID=1312854.

The King & Spalding team representing Sprint Nextel was led by New York-based corporate partners E. William Bates, II and Adam M. Freiman, with assistance from the following lawyers:

Corporate:
April R. Robinson (Associate - Houston)
Monika Roth (Associate - New York)
Donald Meyer (Project Attorney - Atlanta)

Finance:
Gerald T. Woods (Partner - New York)
Jennifer E. Daly (Associate - New York)

Antitrust:
Jeffrey S. Spigel (Partner - Washington)
Brian R. Meiners (Associate - Washington)

Intellectual Property:
Clark W. Lackert (Partner - New York)
Emily B. Brown (Associate - New York)

Employee benefits:
Donald S. Kohla (Partner - Atlanta)
Jan G. Marsh (Consultant - Atlanta)

Tax:
Robert G. Woodward (Partner - Atlanta, New York)
James H. Lokey, Jr. (Partner - Atlanta)
John K. Sweet (Partner - New York)

Business Litigation:
Daniel J. King (Partner - Atlanta)
Michael R. Smith (Partner - Atlanta)
Shelby S. Guilbert (Associate - Atlanta)

Environmental:
Les Oakes (Partner - Atlanta)

About King & Spalding

King & Spalding is an international law firm with more than 880 lawyers in Abu Dhabi, Atlanta, Austin, Charlotte, Dubai, Frankfurt, Houston, London, New York, Riyadh (affiliated office), San Francisco, Silicon Valley and Washington, D.C. The firm represents half of the Fortune 100 and in Corporate Counsel surveys consistently has been among the top firms representing Fortune 250 companies. For additional information, visit www.kslaw.com.

Contact Information: Contact: Kimberly Brooks King & Spalding 212-827-4378 kbrooks@kslaw.com