AT&T To Acquire Straight Path Communications In $1.6 Billion Deal

AT&T Inc. said Monday it has agreed to acquire Straight Path Communications Inc. in a deal valued at $1.6 billion, including liabilities. Straight Path shareholders will receive $95.63 a share in AT&T stock in the deal, which is expected to close within 12 months. Straight Path owns a portfolio of millimeter wave spectrum, including 39 GHz and 28 GHz licences. The deal "will support AT&T's leadership in 5G, which will accelerate the delivery of new experiences for consumers and businesses like virtual and augmented reality, telemedicine, autonomous cars, smart cities and more," At&T said in a statement. Under the terms of the deal, Straight Path shareholders will receive $95.63 a share in At&T stock. AT&T shares were flat premarket, while Straight Path shares were not yet active.