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
- OSHA cites Florida contractors for trench safety violations at sewer and excavation sites
- Biden-Harris administration invests $849 million in aging water infrastructure, drought resilience
- Cadiz to reuse steel from terminated Keystone XL pipeline for California groundwater project
- Lynchburg, Va., breaks ground on largest-ever Blackwater CSO tunnel project
- West Virginia approves $67 million for water, sewer projects
Comments