CHARLOTTESVILLE, Va.-First Avenue Networks announced it plans to acquire wireless broadband service provider Teligent Inc., including its 24 GHz spectrum licenses, fixed wireless broadband operations and radio assets in a stock transaction worth $99 million.
Following the transaction, First Avenue will hold more than 700 megahertz of spectrum at 24 GHz and 39 GHz in the top 75 U.S. markets.
“Acquiring Teligent’s assets and operations will enable us to expand our high-speed broadband wireless access service offerings,” said Dean Johnson, president and chief executive officer of First Avenue. “We anticipate extending these networking advantages to Teligent’s customers.”
Additionally, First Avenue will appoint Raj Singh, who co-developed the predecessor concept, which was integral to Teligent’s formation in 1997, to its board of directors.
