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Leap Wireless International

AT&T to Buy Leap Wireless

AT&T Inc (NYSE:ATT.CL) said on Friday it will acquire prepaid wireless provider Leap Wireless International Inc (NASDAQ:LEAP) in a deal valued at about $4 billion, including debt for $1.19 billion in cash..Under the agreement, AT&T will acquire all of Leap's stock and approximately 5 million subscribers for $15 per share in cash or about $1.2 billion. The offer represents a premium of 88 percent to Leap's Friday closing price of $7.98. As of April 15, Leap had $2.8 billion in debt, the companies said in a statement.The deal is the latest in a series of acquisitions in the wireless industry and follows Softbank's acquisition of Sprint.As the No. 2 wireless provider in the United States, AT&T has been looking to grow in a mature market. It has held talks to buy smaller rival Leap Wireless International last year, Reuters reported.Based in San Diego, Leap's network covers about 96 million people and operates under the Cricket brand.AT&T said it will retain the Cricket brand name and expan...

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