AT&T acquires Leap, a prepaid wireless provider known for its Cricket brand, for $1.2 billion dollars.
NEW YORK (CNNMoney)
AT&T is buying Leap for $15 per share. Leap shares, which had closed at $7.98 Friday, surged to $16.65 in after-hours trading.
Including its Cricket service, Leap (LEAP) operates prepaid wireless networks with about 5 million subscribers. The company has recently struggled to compete in a smartphone world, and in particular, had difficulty selling iPhones on prepaid contracts.
For AT&T (T, Fortune 500), the acquisition will expand its presence in the prepaid market, the fastest growing segment of the mobile industry.
"Cricket's employees, operations and distribution will jump start AT&T's expansion into the highly competitive prepaid segment," AT&T said in a statement.
Cricket users will now have access to AT&T's 4G LTE mobile network. Meanwhile, AT&T will retain the Cricket brand name and hold on to Leap's own 4G LTE network. 
First Published: July 12, 2013: 6:36 PM ET
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