Verizon outbids AT&T for nationwide “5G” spectrumEnlarge (credit: Getty Images | Spencer Platt)
Verizon has outbid AT&T to buy spectrum-holding company Straight Path Communications for $3.1 billion after “an unusually intense bidding war” between the top two wireless carriers in the US, The Wall Street Journal reported today.
AT&T announced its own $1.6 billion acquisition of the company on April 10, saying that Straight Path “holds a nationwide portfolio of millimeter-wave (mmWave) spectrum, including 39GHz and 28GHz licenses,” and that this spectrum will support development of AT&T’s 5G wireless network. Straight Path’s 735 licenses in the 39GHz band and 133 licenses in the 28GHz band “cover the entire United States, including all of the top 40 markets,” AT&T said last month.
AT&T initially said that it expected to close its purchase of Straight Path within 12 months, but rumors that Verizon would try to outbid AT&T quickly began to circulate, culminating in the deal reported today.
Verizon hasn’t publicly announced its purchase of Straight Path yet. We’ve contacted the company and will provide an update if we get one.
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