Verizon could reportedly top AT&T's bid for Straight Path in a move that would give the number one US mobile carrier more spectrum suitable for future 5G services.
AT&T Inc. (NYSE: T) revealed last Monday that it had put together a $1.6 billion bid for Straight Path Communications Inc. The deal was expected to close within a year. (See AT&T to Flash $1.6B for Straight Path 5G Spectrum.)
Now Thomson Reuters is reporting that Verizon Communications Inc. (NYSE: VZ) is considering bettering the AT&T offer. Straight Path, meanwhile, says that it is considering another offer from an unnamed party.
If Verizon tops AT&T's offer for Straight Path, it could get nationwide 39GHz spectrum for its fixed wireless 5G plans and shut AT&T out from getting 28GHz licenses in cities like New York City and San Francisco. (See AT&T & Straight Path: What's It All Mean for US 5G?)
All this behind-the-scenes activity is naturally helping to drive up Straight Path's share price. The spectrum holder's shares are up 16.07% at $106 on Monday.
— Dan Jones, Mobile Editor, Light Reading