LONDON (ShareCast) - (ShareCast News) - AT&T said it would acquire Straight Path Communications in a $1.6bn all-share deal.
The purchase value, which included Straight Path's debt and amounts payable to the FCC under its 2017 consent decree, amounted to $95.63 per share in AT&T stock.

Dallas-based AT&T said the transaction, which was expected to close within 12 months, would support its leadership in 5G, allowing it to accelerate "the delivery of new experiences for consumers and businesses like virtual and augmented reality, telemedicine, autonomous cars, smart cities and more."

More specifically, it would give AT&T control of the acquistion target's nationwide portfolio of millimeter wave (mmWave) spectrum, including 39 GHz and 28 GHz licenses, complement its purchase of FiberTower and augment its holdings of mmWave spectrum.

The transaction is still subject to a review by the FCC.

As of 1432 GMT shares in Straight Path were 151.48% higher to $91.74.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE