Taking a step closer to an IPO, Virgin Mobile USA has hired investment banks Merrill Lynch and Credit Suisse First Boston (CSFB) to value a flotation of the company.

A joint venture between U.S. cell phone carrier Sprint Corp. and Virgin Mobile Holdings, the company run by British entrepreneur Richard Branson, press reports have valued a flotation of around $2 billion.

Virgin Mobile declined to comment while officials at Merrill Lynch and Credit Suisse First Boston could not be reached for comment.

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