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Report: Sprint, Virgin Venture Eyes IPO

The two companies' Virgin Mobile wireless unit has contacted investment bankers for proposals.
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The wireless telecommunications sector continues to buzz and now you can add the possibility of a hot initial public offering to the wave of merger activity.

Sprint

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and its U.K.-based partner

Virgin Group

are reportedly considering selling a stake in their U.S. wireless business through an IPO.

Virgin Mobile, which the two companies formed as a joint venture in 2001, is talking to investment banks about the idea, according to a report in

The Wall Street Journal

. The companies, however, have yet to green light the IPO and are only in the proposal stage.

Sprint shares closed Thursday at $24.51.