The FCC's approval of AT&T's (T -0.1%) purchase of Leap (LEAP +0.7%) and its high-frequency spectrum assets was widely expected. While regulators have been nervous about AT&T/Verizon's huge share of low-frequency mobile spectrum, smaller rivals Sprint and T-Mobile have considerable high-frequency assets of their own.
In addition to the spectrum, the deal gives Ma Bell Leap's 4.6M prepaid subs and the Cricket brand. The latter will be replacing AT&T's own Aio prepaid brand.
Leap shareholders have already approved the deal. They'll be getting $15/share ($1.2B) in cash, as well as proceeds from the sale of low-frequency spectrum Leap acquired for $204M.