US-based telecoms giant AT&T has agreed to provide ‘pay as you go’ mobile phone operator Leap Wireless International. It’s paying $15 per share, valuing the deal at around $1.2 billion £793 million).
AT&T is acquiring Leap’s 3G and 4G licences, its network assets, retail stores, the ‘Cricket’ pre-pay brand and around 5 million customers.
The deal will give AT&T valuable 4G spectrum and a foothold in the US pre-pay market.
Subject to regulatory approval, the acquisition is expected to be completed in 6 to 9 months.