Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Verizon beats out AT&T in a $3.1 billion bidding war for Straight Path Communications

Business InsiderAug 25, 2024, 19:28 IST

Getty/Drew AngererLowell McAdam, chairman and CEO of Verizon Communications(Reuters) - Straight Path Communications Inc said it agreed to be bought by No.1 U.S. wireless carrier Verizon Communications Inc for an enterprise value of about $3.1 billion.

The $184 per share all-stock offer represents a discount of 17.8 percent to Straight Path's close on Wednesday. The stock has surged nearly five-fold since April 7, a day before the company first received a takeover bid from AT&T Inc.

Verizon will pay, on behalf of Straight Path, a termination fee of $38 million to AT&T, the company said. (Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)

NOW WATCH: Here's what popular dog breeds looked like before and after 100 years of breeding

Please enable Javascript to watch this video