Verizon Closes Hard-Fought Purchase of Straight Path Communications [telecom]

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Telecom giant Verizon has completed its purchase of wireless spectrum holder Straight Path Communications in a deal that followed an intense, month-long bidding war between Verizon and rival carrier AT&T last year.

Via the terms of the deal, Verizon has purchased Straight Path for $3.1 billion in an all-stock transaction. As of Wednesday, Straight Path is a direct, wholly owned subsidiary of Verizon and its shares are being delisted from the New York Stock Exchange.