The deal would create the UK’s first ‘quadruple play’ group, offering fixed and mobile telephone services, broadband internet and pay-TV.
The group is expected to be a significant player in the sports rights market, and has expressed interest in rights to the English Premier League.
Sir Richard Branson, the majority shareholder in Virgin Mobile, will accept 349p for each of his shares instead of the 372p per share offered to other investors.
The Sunday Telegraph reports that he accepted the lower amount to ensure the deal went through after the board of Virgin Mobile rejected an initial bid from NTL at 323p a share.
