Verizon buys 5G wireless spectrum holder for $3.1 billion
Verizon will pay $3.1 billion for wireless spectrum holder Straight Path Communications, it confirmed today, giving it access to the kind of frequencies it could build a 5G network around. The communications giant beat out rival AT&T, The Wall Street Journal says, which had offered to buy Straight Path for $1.6 billion in stock.
The news that AT&T was aiming to buy the Glen Allen, VA-based Straight Path was first reported last month, prompting a bidding war between the carriers that the WSJ describes as “unusually intense.” Straight Path’s purchase gives Verizon access to millimeter wave frequencies that are set to be used by 5G networks across the United States, making it a useful purchase from the start. Experts have also noted that…
