Verizon Communications has won a bidding war for Straight Path Communications. Verizon Communications will be paying $184 per share, or roughly $3.1 billion for the firm.
AT&T announced plans to acquire Straight path for $1.6 billion last month but failed to strike a deal in the end.
Straight Path has significant spectrum holdings in the 28 GHz and 39 GHz millimeter wave bands, which will be put to use by some 5G technologies down the road.
Verizon will pay AT&T a $38 million cancellation fee on behalf of Straight Path. Straight Path didn’t indicate when it expects the new agreement to close.
