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-   -   AT&T set to acquire Leap Wireless for $15 per share (http://forums.macnn.com/113/tech-news/502212/t-set-acquire-leap-wireless-15-a/)

 
NewsPoster Jul 12, 2013 08:08 PM
AT&T set to acquire Leap Wireless for $15 per share
AT&T and prepaid wireless provider <a href="http://macnn.com/rd/289640==http://www.electronista.com/tag/Leap" rel='nofollow'>Leap Wireless</a> have entered into an agreement for AT&T to acquire Leap for $15 per share in cash. Under the terms of the agreement, AT&T will acquire all of Leap's stock and wireless properties, including licenses, network assets, retail stores, debt and approximately five million subscribers. Leap shareholders will also receive a contingent right entitling them to the net proceeds received on the sale of Leap's 700 Mhz "A Block" spectrum in Chicago, which Leap purchased for $204 million in August 2012.<br />
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Part of the deal for Leap includes its regional carrier subsidiary, Cricket. AT&T will retain the Cricket brand name, provide Cricket customers with access to AT&T's 4G LTE mobile network, utilize Cricket's distribution channels, and expand Cricket's presence to additional US cities. Cricket's employees, operations and distribution will jump-start AT&T's expansion into the highly competitive prepaid segment.<br />
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The acquisition includes spectrum in the PCS and AWS bands covering 137 million people and is largely complementary to AT&T's existing spectrum licenses. Immediately after approval of the transaction, AT&T plans to put Leap's unutilized spectrum, blanketing 41 million people, towards its LTE deployment.<br />
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The transaction is subject to review by the Federal Communications Commission and the Department of Justice and to other customary closing conditions. AT&T expects the transaction to close in six to nine months.
 
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