AT&T to Acquire Leap Wireless for $1.19 Billion in Cash

AT&T Inc. agreed to acquire prepaid-wireless company Leap Wireless International Inc., the company behind the Cricket brand, for about $1.19 billion in cash.

The deal is intended to kick-start the carrier’s expansion into the low-cost market and values Leap shares at $15 a piece, a roughly 88% premium to the company’s closing price Friday.

Leap’s stock was up 93% after-hours at $15.40. Through the close, the stock had risen 36% in the past three months.

AT&T said the deal will include Leap’s licenses, network assets, retail stores and around five million subscribers.

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