Today, Straight Path Communications Inc. (NYSE MKT: STRP) and AT&T (NYSE: T) announced the signing of a definitive merger agreement under which AT&T is to acquire Straight Path for $95.63 per share in an all-stock merger intended to qualify as a tax-free reorganization. Straight Path is one of the largest holders of 28 GHz and 39 GHz millimeter wave spectrum. The transaction, which was approved by the Board of Directors of both companies, brings Straight Path's previously announced strategic alternatives process to a conclusion and maximizes Straight Path shareholder value. The transaction has a total value of $1.6 billion which includes liabilities and amounts to be remitted to the FCC per the terms of Straight Path's January 2017 consent decree. Straight Path shareholders will receive $1.25 billion, or $95.63 per share, which will be paid using AT&T stock.