AT&T to buy Straight Path Communications for $1.25 billion

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U.S. wireless carrier AT&T Inc (T.N) said on Monday it would buy Straight Path Communications Inc (STRP.A), a holder of licenses to wireless spectrum, for $1.25 billion in an all-stock deal. The No.2 U.S. carrier said it would offer $95.63 per share, a premium of 162.1 percent to Straight Path’s Friday close. Straight Path’s shares were trading at $93.26 premarket, while AT&T’s shares were marginally down.

Straight Path, one of the largest holders of 28 GHz and 39 GHz millimetre wave spectrum used in mobile communications, had said in January it was hiring investment bank Evercore Partners to help explore strategic alternatives, including a sale of assets.

 

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