Verizon has reportedly beat AT&T in a bidding war, enabling it to acquire Straight Path and its spectrum for $3.1 billion. The Wall Street Journal reports Verizon sent in the bid after AT&T announced it was buying Straight Path for $1.6 billion in April.
When Verizon got involved and offered twice as much, AT&T decided not to continue pursuing the company.
Straight Path has important spectrum licenses that'll be useful for the development of a 5G network, hence the interest from the two largest wireless carriers in the US.
After Straight Path was fined $100 million by the FCC for not rolling out required wireless services, it began considering an acquisition in January 2017.
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