Verizon to Accelerate Next-Gen Broadband Deployment with $3.1 Billion Acquisition
To scale and accelerate deployment of next-generation broadband services throughout the United States, Verizon Communications Inc. has agreed to acquire Straight Path Communications Inc.
Verizon will purchase Straight Path for $184.00 per share, or a total consideration of $3.1 billion, in an all-stock transaction. The transaction is anticipated to close within nine months, subject to FCC review.
Based in Glen Allen, Va., Straight Path holds millimeter wave spectrum configured for 5G services, including 39 GHz licenses that serve the entire country and 28 GHz assets in major markets.
“Verizon now has all of the pieces in place to quickly accelerate the deployment of 5G,” said Hans Vestberg, executive vice president and president of global network and technology at Verizon. “Combined with our recent transactions with Corning Incorporated, XO Communications, and Prysmian Group, this is another step to build the next-generation network for our customers.”
Related News
From Archive
- Three Houston workers killed by hydrogen sulfide leak during sewer repair
- Trump's tariffs drive $33 million cost increase for Cincinnati sewer project
- TxDOT advances massive drainage tunnel beneath I-35 in Austin
- Funding approved for $1.3 billion, 60-mile water reuse system in southern Utah
- Is the Boring Company tunneling blind in Nashville? Experts warn rock tests fall short
Comments