AT&T announced Friday that it will acquire prepaid wireless provider Leap Wireless in a deal valued around $1.2 billion.
The carrier has agreed to pay $15 a share in cash for Leap, which operates under the Cricket Wireless brand. As part of the agreement, AT&T will get Leap's wireless properties, including its licenses, network assets, and stores, as well as its subscribers, which number around 5 million. AT&T also will keep the Cricket brand.
Leap's wireless network covers about 96 million people in 35 states, according to a statement Friday.
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