Comcast has agreed to sell $15 billion of its wireless broadband assets to AT &t for $7.8 billion, Comcast said on Friday.
The deal, which comes as AT<ds.
expands its deal to offer broadband service to nearly 100 million U.S. customers, comes as the cable giant seeks to expand its services beyond its core cable business.
Comcast said it plans to sell more than 8 million wireless broadband subscriptions this year, compared with about 3.3 million subscriptions a year earlier.
AT>ains $5 billion in revenue from its wireless businesses, and Comcast said that revenue would increase by 50% over the next three years.
The sale, which will close on April 23, is Comcast’s largest ever acquisition in its history, with Comcast making $24.4 billion in its last acquisition, which took place in March 2014.
AT <ds said it is paying $5 a share, which is the same as its record closing price of $29.40 on Wednesday.
The transaction is subject to regulatory approvals and regulatory approval of the purchase.
The merger was expected to be completed in late 2019.
Comcast had been planning to sell its wireless business, known as the MetroPCS network, to Verizon.
But Verizon has also been exploring ways to buy the wireless business as part of a broader package to strengthen its overall wireless offerings, which include AT&s and Time Warner Cable.
AT’s proposed deal would combine MetroPCs, which deliver internet service for the U.K., France, Germany, Italy and Spain, with Time Warner’s popular TV service.
AT had previously said it would be looking for ways to acquire both MetroPC S and MetroPC, which it calls Video On Demand.
Comcast’s deal also includes an undisclosed number of AT&ttabs in other businesses.