Regulators are expected to take a close look at AT&T's proposed $1.2 billion purchase of Leap Wireless in a deal that values the prepaid carrier at $15 a share, almost double its closing stock price Friday. AT&T, which wants Leap's cache of wireless spectrum licenses, would be responsible for the carrier's $2.8 billion in debt. While analysts expect the government to ponder the consolidation of spectrum, a former Federal Communications Commission official predicted the deal will pass muster.

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