UK based cable operator NTL has agreed to acquire Virgin Mobile UK for $1.68 billion. Rumors of a deal between the two companies have been making the rounds for months, with Virgin initially rejecting the idea of a buyout. NTP upped its bid and the Virgin Mobile board today agreed to sell out.

Virgin Mobile UK is the nation’s largest MVNO with 4.3 million customers. It piggybacks on the T-Mobile network.

While the two companies share the Virgin brand name, this deal does not affect Virgin Mobile USA. NTL’s agreement licenses the Virgin brand in return for a small royalty.