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The Boston Globe

Business

AT&T set to buy Leap Wireless for $1.19b

LOS ANGELES — AT&T Inc. said Friday that it has agreed to acquire Leap Wireless International Inc., the prepaid cellphone carrier that operates under the Cricket brand, for about $1.19 billion in cash or $15 a share.

The purchase gives the nation’s number two cellphone carrier a leg up in serving customers who prefer not to have lengthy contracts. Leap’s Cricket service has 5 million subscribers. The deal also gives AT&T the right to use Leap’s unused airwaves — also known as spectrum — to expand its network.

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