Unsurprisingly, Leap Wireless (LEAP -0.2%) shareholders have overwhelmingly given a thumbs-up to the company's acquisition by AT&T (T +0.2%). Over 99% of shares were voted in favor of the deal at a special meeting.
The DOJ and FCC, which haven't always seen eye-to-eye with AT&T, still have to approve the deal. But while the FCC might seek spectrum concessions, few expect the acquisition to be fully vetoed.
AT&T is paying $1.19B for Leap's equity, and also assuming $2.8B in debt and giving Leap shareholders the proceeds from the sale of spectrum Leap previously acquired for $204M. Once the deal closes, Ma Bell plans to retire its fairly new Aio prepaid brand in favor of Leap's Cricket brand.