AT&T To Acquire Leap Wireless In $1.19B Transaction

Jul. 15, 2013 10:56 AM ETT, TMUS
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Contributor Since 2013

Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.

Originally published at

Filing in Focus: AT&T 8-K, July 12, 2013

AT&T (T) has entered an agreement through which it will acquire Leap Wireless (LEAP) in a $1.19B cash transaction. AT&T will acquire all Leap stock for $15.00 per share, an 88% premium of the company's closing price of $7.98 on Friday. Wireless providers are in a rush to purchase additional wireless spectrum as bandwidth has become a concern for companies due to the increased bandwidth demand from smartphones and tablets. One of the most recent examples of this is detailed in Filings Digest June 28, 2013, where T-Mobile (TMUS) acquired Advanced Wireless for $308M cash. AT&T will acquire not only the additional spectrum but an additional five million subscribers as well as the Cricket brand that covers approximately 96 million people. AT&T plans to expand its 4G LTE network and leverage Leap's resources to better compete in the low-cost prepaid service.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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