An announcement was made by AT&T on Friday that it will acquire Leap Wireless for $1.19 billion. AT&T will get to keep all of Leap’s licenses, network property and shopping stores as a part of this deal.
It ended in a $15 per share agreement. That amounts to a net total amount worth $1.19 billion. AT&T bought off Leap Wireless. And Leap’s 5 million subscribers are now part of AT&T’s assets. AT&T officially announced the acquisition on Friday stating "AT&T will acquire all of Leap’s stock and wireless properties, including licenses, network assets, retail stores and approximately 5 million subscribers." Leap network is working in 35 U.S. states covering 96 million people in these. Leap is the proud owner of Cricket brand (currently working under it) in the US market which is a 3G CDMA network.
Don't Miss: See the first leaked Black Friday 2016 Ad
Leap's Cricket also has a 4G LTE network that covers 21 million people. Leap has a total of 3,400 employees. This will be carried forward by AT&T and popularized in the main cities of the United States. The moment the acquisition is final, AT&T will start aligning Leap’s bands along with its own thereby increasing the power of its 4G LTE Network. The PCS and AWS bands are a fundamental part of Leap Wireless. The transaction has yet to be approved by the FCC and the Department of Justice. Before the acquisition, Leap was in debt. But now it is in the clear after AT&T took hold of its reins.
Don't Miss: iPhone 8: Everything You Need to Know
The deal had been in the pipeline since 2012. Now the last-minute details need winding up. Leap Wireless can rest easy since it is in good hands. The shift to pre-paid will be made shortly under the aegis of AT&T. AT&T is America’s second largest wireless carrier. It has a name that extends across the globe. With the acquiring of Leap Wireless, it has gained a valuable asset that could benefit it in the long run.