AT&T Acquires Straight Path Communications For $1.6 Billion

Dallas-based AT&T announced this morning that it has acquired Straight Path Communications, a company which owns a portfolio of millimeter wave spectrum, including 39 GHz and 28 GHz licenses. AT&T said it will pay approximately $1.6 billion for Straight Path, with Straight Path shareholders receiving $1.26 billion in AT&T stock. AT&T said that the spectrum will be used for development of 5G technology. The company quoted possible speeds of up to 10Gbps uplink and 20Gbps downlink using millimeter wave technology.