The deal ends the joint venture between the two companies, which has existed since the launch of the ISP in 1996. The agreement is conditional upon regulatory clearance from the Irish Competition Authority.
Virgin.net will continue to trade under the Virgin name and be run by the same management team alongside NTL's residential division.
Simon Duffy, CEO of NTL, said: "I am confident Virgin.net will accelerate our growth by giving us access to new market segments, thereby complementing our strategy of extending our network though local loop unbundling."
Virgin Media said that by bringing Virgin.net together with NTL under one roof, but retaining the brand, the service could become a British leader in internet service provision.
It is currently fifth in the market in terms of subscriber numbers, claiming just more than 500,000 customers for its narrowband and broadband packages.
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