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Verizon Communications has completed its $3.1 billion acquisition of Glen Allen-based Straight Path Communications.
Under a deal announced in May, Verizon paid the equivalent of $184 per share in stock. Verizon also paid a $38 million termination fee that Straight Path owed to AT&T after initially accepting a lower offer from that company.
Straight Path is one of the largest holders of 28 GHz and 39 GHz millimeter wave spectrum licenses, which are expected to be highly important in moving wireless phones to 5G, the next generation of service.
