AT&T acquires Straight Path, with spectrum, for United States dollars 1.25 bln
11 April 2017, 08:58 | Andres Norman
AT&T to buy Straight Path Communications for $1.25 bln business Updated
"This spectrum is for fixed wireless and is the basis of Verizon's 5G strategy".
With shares now trading just below $91 per share - which reflects some modest uncertainty surrounding the impending FCC review - Straight Path shareholders have a choice: You can either wait until the transaction closes to ensure you collect the full amount of the agreed acquisition price in AT&T shares through a tax-free transaction.
In the press releaseannouncing the deal, AT&T explained that Straight Path spectrum it has acquired as part of this deal covers the entire United States, further lending hand to the 5G push.
In January, AT&T unveiled its 5G strategy for 2017, saying it would not wait for final standards for the technology to be complete to begin its "network evolution". Carriers typically use FiberTower's services for wireless backhaul.
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Straight Path, which was bought by AT&T was one of the largest holders of 28 and 39 gigahertz millimeter-wave spectrums - frequencies approved to power the fifth-generation of wireless services, or 5G. It expects that deal to close by next January.
Normally, a $1.6-billion telecom deal isn't something that's going to make major headlines.
The deal with AT&T is supported by Straight Path's majority shareholder, Howard Jonas, who has entered into a voting agreement with the carrier in support of the transaction. Globalstar was up 13 pct at $1.83 while Sprint Corp was up 3.8 percent at $8.69. The acquisition, expected to close within a year, gives AT&T access to Straight Path's. The company said at the time it was weighing its strategic. The remainder will settle Straight Path's liabilities with the FCC.
With debt included, the value of the deal comes to $1.6 billion.
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