AT&T announced on Tuesday that it has agreed to buy Bright House Communications, a subsidiary of Bright House Holdings, for $50.5 billion.
The transaction will give AT<d the largest broadband provider in the U.s., according to analysts.
The deal is valued at $67 billion.
AT>=s stock is up more than 4% since the announcement, to $85.40.
“AT>&=s broadband and TV network investment program continues to strengthen, and the acquisition of Bright house will help us to accelerate this progress and accelerate our expansion into new markets,” AT&tt=s CEO Randall Stephenson said in a statement.
“The combined company will leverage our broad network of broadband assets and services and its deep expertise in content, data, video and voice to accelerate growth in new services, accelerate investment in infrastructure, and drive better performance across our customers and businesses.”
AT&rt= ht&t, which was spun off from Time Warner in 2019, has been in the broadband business since the company was founded in 1995.
Bright House, founded in 2011, has a network of over 1,000 cable and satellite companies and a presence in many other industries, including healthcare and finance.
It also has a business in mobile video, where it has partnerships with Verizon, Sprint and T-Mobile.
Bright is valued on Wall Street at $6 billion, according to FactSet.
AT &=&gt shares have been rising since the end of 2017, up more or less 2% since October.