May 11, 2017
Weil is advising Straight Path Communications Inc., the holder of an extensive portfolio of FCC wireless spectrum licenses and a portfolio of patents primarily related to communications over computer networks, in its pending $3.1 billion sale to Verizon Communications via an all-stock merger. Verizon has paid, on behalf of Straight Path, a termination fee of $38 million to AT&T, and Straight Path has terminated its previously announced definitive agreement and plan of merger with AT&T, on which Weil also advised. The transaction is expected to close within 9 months (subject to receipt of FCC approval) and is subject to customary closing conditions.
The Weil team advising Straight Path Communications is led by co-chair of the Transactions practice Frederick Green with Mergers & Acquisitions associates Eoghan Keenan, Aileen Kim and Katie Simmonds (Not Yet Admitted in New York). The team also includes Securities Litigation partner Greg Danilow; Tax partner Marc Silberberg; Executive Compensation & Benefits partners Paul Wessel and Amy Rubin; Antitrust partner Jeff White; Technology & IP Transactions head Michael Epstein; Securities Litigation counsel Seth Goodchild; Securities Litigation associate Thomas James; Tax associate William Dong; Executive Compensation & Benefits associate Zahava Blumenthal; and Technology & IP Transactions associate Mary Lentowski.