Straight Path Communications announced that it will signed a merger agreement under which Verizon will acquire the company for $3.1 billion.
Straight Path Communications holds a nationwide portfolio of millimeter wave (mmWave) spectrum, including 39 GHz and 28 GHz licenses.
Verizon has won its bidding war with AT&T for Straight Path Communications with the $3.1 billion deal. Last month, AT&T announced plans to acquire Straight Path Communications for $1.6 billion.
Straight Path will terminate the previously announced agreement and plan of merger with AT&T. Verizon will pay on behalf of Straight Path a termination fee of $38 million to AT&T.
When AT&T announced its agreement to acquire Straight Path last month, it said it "will acquire 735 mmWave licenses in the 39 GHz band and 133 licenses in the 28 GHz band. These licenses cover the entire United States, including all of the top 40 markets."