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AT&T Inc to Acquire Leap Wireless International Inc

Friday, 12 Jul 2013 04:59pm EDT 

AT&T Inc and Wireless International Inc announced that they have entered into an agreement for AT&T to acquire Leap for $15 per share in cash. Under the terms of the agreement, AT&T will acquire all of Leap`s stock and wireless properties, including licenses, network assets, retail stores and approximately 5 million subscribers. As of April 15, 2013, Leap had $2.8 billion of net debt. Leap shareholders will also receive a contingent right entitling them to the net proceeds received on the sale of Leap`s 700 Mhz A Block spectrum in Chicago, which Leap purchased for $204 million in August 2012. AT&T will retain the Cricket brand name, provide Cricket customers with access to AT&T`s 4G LTE mobile network, utilize Cricket`s distribution channels, and expand Cricket`s presence to additional U.S. cities The combined company will have the financial resources, scale and spectrum to better compete with other national providers for customers interested in low-cost prepaid service. Cricket`s employees, operations and distribution will jump start AT&T`s expansion into the competitive prepaid segment. The transaction is subject to review by the Federal Communications Commission and the Department of Justice and to other customary closing conditions. AT&T expects the transaction to close in six to nine months. 

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