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