Dallas-based AT&T announced Monday its plan to acquire Straight Path Communications, in a deal valued at $1.6 billion, which will help support the company’s holdings of the millimeter wave spectrum.
AT&T said that Straight Path’s portfolio will boost the spectrum that it already owns and will complement AT&T’s January acquisition of FiberTower.
Virginia-based Straight Path Communications owns spectrum, or airwave licenses, across the nation.
AT&T has been conducting trials of the 5G network. With 5G, the mmWave band can eventually reach up to 10 gigabits in the uplink and up to 20 Gbps in the downlink, according to a release.
The network speeds are designed to better handle virtual and augmented reality, telemedicine, autonomous cars, smart cities, and other experiences.
The Straight Path transaction is waiting on Federal Communications Commission approval and is expected to be closed within the next 12 months.
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