Verizon beats out AT&T in a $3.1 billion bidding war for Straight Path Communications

(Reuters) - Straight Path Communications Inc said it agreed to be bought by No.1 U.S. wireless carrier Verizon Communications Inc for an enterprise value of about $3.1 billion.

The $184 per share all-stock offer represents a discount of 17.8 percent to Straight Path's close on Wednesday. The stock has surged nearly five-fold since April 7, a day before the company first received a takeover bid from AT&T Inc.

Verizon will pay, on behalf of Straight Path, a termination fee of $38 million to AT&T, the company said. (Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)