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Verizon gazumps AT&T to buy Straight Path

Verizon has snatched Straight Path from under AT&T’s nose, outbidding its rival to pay $3.1bn for the holder of LMDS spectrum licences. The all-stock deal equates to $184 per share and Verizon will also pay a termination fee of $38m to AT&T, which had bid $1.6bn. Verizon came in with an initial bid of $1.8bn, which was then increased to $2.3bn and then $3.1bn in the space of under two weeks. AT&T had until last Wednesday to beat the final offer, but declined. That means AT&T has lost the chance of a broad footprint of high frequency spectrum in which to deploy fixed 5G. It secured some 39 GHz licences with its recent purchase of Fibertower while Verizon gained the…

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