NEW YORK, May 11, 2017 /PRNewswire/ -- To scale and
accelerate deployment of next-generation broadband services
throughout the United States,
Verizon Communications Inc. (NYSE, Nasdaq: VZ) announced it has
signed an agreement to acquire Straight Path Communications Inc.
(NYSE MKT: STRP), a holder of millimeter wave spectrum configured
for 5G wireless services.
Verizon will purchase Straight Path for $184.00 per share, or a total consideration of
$3.1 billion, in an all-stock
transaction. The transaction is anticipated to close within nine
months, subject to FCC review.
Based in Glen Allen, Va.,
Straight Path holds millimeter wave spectrum configured for 5G
services, including 39 GHz licenses that serve the entire country
and 28 GHz assets in major markets.
"Verizon now has all of the pieces in place to quickly
accelerate the deployment of 5G," said Hans Vestberg, executive
vice president and president of global network and technology at
Verizon. "Combined with our recent transactions with Corning
Incorporated, XO Communications, and Prysmian Group, this is
another step to build the next-generation network for our
customers."
Debevoise & Plimpton LLP is acting as legal counsel to
Verizon in connection with the transaction.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in
New York City, has a diverse
workforce of 161,000 and generated nearly $126 billion in 2016 revenues. Verizon operates
America's most reliable wireless network, with 113.9 million retail
connections nationwide. The company also provides communications
and entertainment services over mobile broadband and the nation's
premier all-fiber network, and delivers integrated business
solutions to customers worldwide.
VERIZON'S ONLINE NEWS CENTER: News releases, feature stories,
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Where to Find Additional Information
This
communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. This communication may be deemed to be
solicitation material in respect of the proposed merger between
Verizon Communications Inc. ("Verizon") and Straight Path
Communications Inc. ("Straight Path"). In connection with the
proposed merger, Verizon intends to file a registration statement
on Form S-4, containing a proxy statement/prospectus with the
Securities and Exchange Commission (the "SEC"). INVESTORS AND
SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS
WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders may obtain a free copy
of the proxy statement/prospectus (when available) and other
documents filed by Verizon and Straight Path with the SEC at
http://www.sec.gov. Free copies of the proxy statement/prospectus,
once available, and each company's other filings with the SEC may
also be obtained from the respective companies. Free copies of
documents filed with the SEC by Verizon will be made available free
of charge on Verizon's investor relations website at
http://www.verizon.com/about/investors. Free copies of documents
filed with the SEC by Straight Path will be made available free of
charge on Straight Path's investor relations website at
http://spathinc.com/investors/.
Participants in the Solicitation
Verizon and its
directors and executive officers, and Straight Path and its
directors and executive officers, may be deemed to be participants
in the solicitation of proxies from the holders of Straight Path
common stock in respect of the proposed merger. Information
about the directors and executive officers of Verizon is set forth
in the proxy statement for Verizon Communications Inc. 2017 Annual
Meeting of Stockholders, which was filed with the SEC on
March 20, 2017. Information about the
directors and executive officers of Straight Path is set forth in
the proxy statement for Straight Path Communications, Inc.'s 2017
Annual Meeting of Stockholders, which was filed with the SEC on
November 22, 2016. Investors may
obtain additional information regarding the interest of such
participants by reading the proxy statement/prospectus regarding
the proposed merger when it becomes available.
Related Links
http://www.verizon.com/
https://www.verizonwireless.com/
http://www.verizonenterprise.com/
http://www.verizon.com/about/
Media contacts:
Eric
Wilkens, Verizon
201-572-9317
eric.wilkens@verizon.com
Howard Waterman, Verizon
917-359-5505
Howard.waterman@verizon.com
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SOURCE Verizon