Verizon will pay a bill of $3.1 billion to Straight Path Communication for Spectrum Wireless holder. The news got confirmation today and now Verizon will also work for nationwide 5G just as T-mobile is already doing. According to The Wall Street Journal, AT&T wants to get the spectrum and offered $1.6 billion on stock but the giant communication company beat AT&T after “an unusually intense bidding war” between both.

dims 8 Verizon Will Pay $3.1 Billion To Straight Path Communication For Spectrum Wireless 5G: Verizon Outbids AT&T

According to previous reports from various sites, AT&T was demanding the Straight Path Spectrum before a month almost from 10 April. If we talk about the situation a day before, both of the companies didn’t say any thing in that regard. Before a month however AT&T commented that it using millimetre wave (mmWave) to “accelerate the delivery of new experiences for consumers and businesses like virtual and augmented reality, telemedicine, autonomous cars, smart cities and more.” As reported by engadget.

“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.” Further reported by engadget.

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But just after a day Verizon officially announced that the giant communication is going to a pay $184 as per share of Straight path Stock or a grand total consideration of $3.1 in all stock.

“Verizon now has all of the pieces in place to quickly accelerate the deployment of 5G,” as said by VERizON

 

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Bidders

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Sources: The VERGE & engadget