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BRIEF-Verizon to acquire Straight Path Communications for an enterprise value of about $3.1 bln
May 11, 2017 / 11:02 AM / 7 months ago

BRIEF-Verizon to acquire Straight Path Communications for an enterprise value of about $3.1 bln

May 11 (Reuters) - Verizon Communications Inc:

* Verizon to enter into definitive agreement to acquire Straight Path Communications for $184.00 per share in all stock deal; Straight Path Communications to terminate definitive agreement with AT&T

* Straight Path Communications - concurrently therewith, verizon will pay on behalf of Straight Path a termination fee of $38 million to AT&T

* Straight Path Communications Inc- the transactionhas been approved by the boards of directors of both straight path and Verizon

* Straight Path Communications - will terminate previously announced agreement with AT&T and Switchback Merger Sub Inc

* Straight Path-transaction is supported by Straight Path’s majority shareholder, Howard Jonas, who has entered into a voting agreement with Verizon

* Straight Path - howard jonas has agreed to vote his class a shares (held through a trust) in support of the transaction, subject to certain limitations

* Straight Path Communications - Evercore served as exclusive financial advisor to co and weil, Gotshal & Manges LLP served as co counsel on deal

* Straight Path - verizon will acquire co for $184.00/share, reflecting enterprise value of about $3.1 billion, in a deal intended to qualify as tax-free reorganization Source text for Eikon: Further company coverage:

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