AT & T, Inc. (NYSE: T) has entered into a definitive agreement to acquire Straight Path Communications Inc. (NYSE: STRP) for $95.63 per share in an all-stock deal. Straight Path shareholders will receive $1.25 billion, or $95.63 per share that will be paid in AT&T Stock.
The transaction totals in value of $1.6 billion as it includes a liabilities Deal that is supported by Straight Path’s majority shareholder, Howard Jonas, has also entered into a voting agreement with AT&T. Both company’s board of directors have approved the merger. This acquisition is intended to qualify as a tax-free reorganization.