Straight Path Comms to be acquired by AT&T (T) for $95.63/share in an all-stock merger intended to qualify as a tax-free reorganization (shares halted)
The transaction, which was approved by the Board of Directors of both companies, brings Straight Path's previously announced strategic alternatives process to a conclusion and maximizes Straight Path shareholder value. 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 transaction has a total value of $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.