Leap Shareholders Approve Purchase By AT&T

By Joseph Palenchar On Oct 31 2013 - 8:53am

San Diego — Leap Wireless stockholders approved the company’s purchase by AT&T.

 More than 99 percent of the votes cast at a stockholder meeting Wednesday approved of the merger, which is awaiting clearance by the Federal Communications Commission (FCC) and the Department of Justice.

In July, AT&T announced plans to acquire the ailing no-contract carrier for $1.2 billion to obtain Leap spectrum and increase AT&T’s share of the fast-growing prepaid market. AT&T will continue to use Leap’s Cricket brand name on no-contract plans and, in recent FCC filings, said it will retire its fledgling Aio Wireless no-contract brand, operated by a subsidiary, and combine its operations with Leap’s.

In July, AT&T said it expected the merger would be complete in six to nine months.

“The combined company will have the financial resources, scale and spectrum to better compete with other major national providers for customers interested in low-cost prepaid service,” AT&T also said at the time.

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