AT&T announced on Monday that it would buy Straight Path Communications, a holder of licenses to wireless spectrum, for $1.25 billion in an all-stock deal as it aims to accumulate the airwaves it needs for a next generation network.
The network is widely considered to be a multibillion-dollar opportunity, and wireless carriers do not have many options in terms of acquisition targets that would give them the right type of spectrum for a next generation network. Straight Path is one of the largest holders of 28 GHz and 39 GHz millimeter wave spectrum used in mobile communications.
The No.2 US wireless carrier said it would offer $95.63 per share, a premium of 162.1 percent to Straight Path’s close on Friday. Straight Path’s shares leaped 150 percent to near $91 a share in afternoon trade, while AT&T’s shares were marginally lower.
Full Content: CNBC
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Meta Introduces Teen Accounts to Address Growing Data Regulation Demands
Sep 17, 2024 by
CPI
FTC Lawyers Wrap Up Arguments to Block Kroger-Albertsons Merger
Sep 17, 2024 by
CPI
Financial Regulator to Monitor CNMC’s Ruling on BBVA-Sabadell Acquisition
Sep 17, 2024 by
CPI
Green Day Ticket Prices Spark Controversy Amid Dynamic Pricing Concerns
Sep 17, 2024 by
CPI
Michael Kors Points to TikTok and Taylor Swift in Defense of Luxury Handbag Market in FTC Case
Sep 17, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández