AT&T has confirmed plans to acquire Straight Path Communications Inc. in a deal worth a reported $1.6 billion.
Word of the mammoth deal first surfaced on Monday.
According to the initial report from MarketWatch, Straight Path shareholders are in line to receive $95.63 a share in AT&T stock.
The deal, we’re told, “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 quoted by MarketWatch.
More details about the deal are expected in the days ahead, although the acquisition isn’t expected to be finalized until upwards of twelve months.