AT&T to pay hefty $1.2 billion for Leap in latest telco deal

The AT&T logo is pictured by its store in Carlsbad, CaliforniaBy Jennifer Saba and Nicola Leske NEW YORK (Reuters) – AT&T Inc will buy Leap Wireless International Inc for $ 1.19 billion, paying almost double the current value of the prepaid mobile service provider as major U.S. carriers scramble to acquire valuable wireless spectrum. The No. 2 U.S. carrier is offering $ 15 a share in cash – an 88 percent premium to Leap's Friday close of $ 7.98 – to seal the latest of a wave of acquisitions to emerge from a telecoms sector struggling to expand network capacity, as use of bandwidth-hungry smartphones and tablets explodes. …

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