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WSJ: Verizon wins Straight Path sweepstakes with $3.1B buyout deal

May 10, 2017 11:36 PM ETVerizon Communications Inc. (VZ) StockT, VZ, STRPBy: Jason Aycock, SA News Editor55 Comments
  • Verizon (NYSE:VZ) has prevailed over AT&T (NYSE:T) in the bidding war for Straight Path Communications (STRP -3%), sources tell The Wall Street Journal, for the price of $3.1B.
  • That nearly doubles AT&T's definitive deal for $1.6B in stock, and AT&T has declined to match it, the sources said.
  • The prize is valuable millimeter wave spectrum that the telecom giants treasure for its value to next-gen 5G wireless networks.
  • Straight Path was worth about $400M two months ago; its market cap was $3B today.
  • Word of a mystery bidder offering to top AT&T's deal had observers focused on Verizon, and goosed Straight Path's stock further along the way. All told, STRP is up 513% since AT&T's April 10 deal.

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