Verizon Wins Bidding War for Straight Path Communications

Verizon Communications will buy Straight Path Communications for about $3.1 billion, after beating rival AT&T in an unusually intense bidding war for the wireless-spectrum holder.

Straight Path holds licenses to use high-frequency radio waves that some engineers think could form the backbone of next-generation networks. Straight Path, which had just nine employees as of October, was worth about $400 million two months ago. The company acquired most of its wireless spectrum more than 15 years ago but was penalized this year by regulators for failing to build a working network.