A month ago, AT&T announced it would acquire Straight Path Communications for $1.6 billion, specifically because Straight Path owns licenses to use high-frequency radio waves that will be crucial for the next generation of wireless technology. However, after that agreement, an unnamed Multi-National Telecommunications Company (that reportedly is Verizon, the owner of this website) stepped up with a bid of $3.1 billion in stock, and tonight the Wall Street Journal reports that AT&T has declined to match it.
Verizon and Straight Path have not commented yet, however, last month AT&T said it was planning to use the company’s millimeter-wave (mmWave) spectrum to “accelerate the delivery of new experiences for consumers and businesses like virtual and augmented reality, telemedicine, autonomous cars, smart cities and more.” At the time it said “AT&T 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.”
Source: Wall Street Journal