TECH in AMERICA (TiA)

SHARING AMERICA'S TECH NEWS FROM THE VALLEY TO THE ALLEY

AT&T to purchase prepaid wireless LEAP

by A.M. Watts

More, and more wireless consolidation taking shape

leap-logo[1]TechinAmerica Editorial Team

EDGEWATER, New Jersey –AT&T going after prepaid wireless market with the purchase of San Diego, CA based Leap Wireless International.  Leap is serviced through the Cricket brand. The Deal is to cost AT&T $15 a share in cash, which  Leap’s stock increased by 2.5% Friday, closing out the trading day out at $7.98.  However, after-hours trading saw the stock move beyond $17 a share, more than doubling its price at Friday’s close.

AT&T roughly 5 million additional subscribers, retail stores, network assets, wireless properties and licenses, at a cost of about 1.2 billion.

Though Verizon remains as the number carrier in the US and 19th in the world, the purchase of LEAP increases AT&T’s wireless market share, which after losing the bid for T-Mobile, was the impetus to landing LEAP.

For more on this story see: http://newsroom.leapwireless.com/Press-Releases/AT-T-to-Acquire-Leap-Wireless-646.aspx

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This entry was posted on July 14, 2013 by in COMMERCE, M&A's, M-COMMERCE and tagged , , , , , , , .

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