AT&T Buys This iPhone Pre-Paid Carrier

cell phone towerAT&T (NYSE:T) recently announced that it is acquiring Leap Wireless (NASDAQ:LEAP) for $15 per share in cash. The deal includes Cricket, a wholly-owned subsidiary of Leap Wireless. Cricket is most notable for becoming the first pre-paid carrier in the U.S. to offer Apple’s (NASDAQ:AAPL) iPhone last year.

AT&T is acquiring all of Leap’s licenses, network assets, and retail stores in the deal. The telecommunications giant will also further expand its subscriber base by subsuming Leap’s approximately 5 million subscribers. Last summer, Cricket began offering its customers $55 per-month unlimited talk, text, and data plans for the iPhone 4S and iPhone 4. Cricket sold the 16GB iPhone 4S for $499.99 and the iPhone 4 for $399.99.