AT&T agreed to acquire Straight Path Communications, which holds a nationwide portfolio of millimeter wave (mmWave) spectrum, including 39 GHz and 28 GHz licenses.
Specifically, AT&T will acquire 735 mmWave licenses in the 39 GHz band and 133 licenses in the 28 GHz band. These licenses cover the entire United States, including all of the top 40 markets.
The deal was valued at $1.6 billion, which includes liabilities and amounts to be remitted to the FCC per the terms of Straight Path’s January 2017 consent decree. Straight Path shareholders will receive $1.25 billion, or $95.63 per share, which will be paid using AT&T stock.
AT&T said the purchase completment its January acquisition of FiberTower and augments the company’s holdings of mmWave spectrum.
The transaction is subject to FCC review, and the two companies expect to close within 12 months.
