AT&T (NYSE:T) and DirecTV (NASDAQ:DTV) have entered into a definitive agreement under which AT&T will acquire DIRECTV in a stock-and-cash transaction for $95 per share based on AT&T's Friday closing price. The agreement has been approved unanimously by the boards of directors of both companies.

The purchase price implies a total equity value of $48.5 billion and a total transaction value of $67.1 billion, including DIRECTV's net debt. The combined company is expected to have nationwide mobile and video networks and broadband to cover 70 million customer locations.

The transaction is expected to close within approximately 12 months.