AT&T Completes Acquisition of Leap Wireless2014-03-14 10:35 by DanielaTags: AT&T, Leap Wireless
The Federal Communications Commission has approved AT&T's acquisition of Leap Wireless, the company that operates the popular Cricket brand of prepaid wireless service. Because the US Justice Department did not raise any antitrust objections, the carrier closed the deal Thursday afternoon after receiving the FCC's blessing. The FCC approved the acquisition with some conditions, including an agreement by AT&T to divest spectrum in certain markets where the agency believes anti-competitive harm is possible. The carrier will also have to deploy LTE service using unused Leap spectrum "within 90 days or 12 months of closing." And since Cricket was a popular choice for consumers seeking a cheap way into mobile service, AT&T has agreed "to offer certain rate plans targeted to help value-conscious and Lifeline customers." The wireless giant has agreed to pay $15 a share in cash for Leap's wireless network, which covers about 97 million people in 35 states. As part of the agreement, AT&T will get Leap's wireless properties, including its licenses, network assets, and stores, as well as its subscribers, which number around 5 million. Read more -here-
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