Virgin Mobile Logo An interesting Reuters article surfaced today, it appears Virgin Mobile USA the top prepaid cellular MVNO has annouced plans today to buy Helio from SK telecom.

Full details of the buyout have not yet been finalized, but negotiating has begun between the two companies in hopes of forming a solid buyout deal.

What is known about the takeover is that the deal would involve Virgin Mobile USA buying the 69% controlling steak in Helio that is currently owned by SK Telecom.

An additional 28% of Helio shares are owned by Earthlink, however it was not clear at the time of this article whether or not Earthlink would be involved in the buyout or would remain a minority partner in the MVNO firm.

It would not however be the end of the SK Telecom involvement in the MVNO, currently terms of the deal would keep SK Telecom investing in the firm with a nominal amount of money once the takeover has been completed.

Helio is a major competitor to Virgin Mobile USA in the MVNO market in the United States, its largely believed the merger would help both companies compete in a market that has seen large competitors such as Disney Mobile and Amp'd Mobile fail and ultimately close their doors for business in recent months.