AT&T Joins Roster of Magic Leap Investors Ahead of Product Debut

(Bloomberg) -- AT&T Inc. said it’s investing in Magic Leap Inc., the augmented reality headset startup, forming a partnership that will also make it the “exclusive wireless distributor” for Magic Leap products in the U.S.

Financial terms of the deal were not disclosed, but a spokesperson for Magic Leap said AT&T’s investment completes the company’s latest fundraising round, which the company said in March totaled $963 million. Magic Leap has raised more than $2.3 billion overall and has been valued at more than $6 billion.

The companies gave few details about AT&T’s role in distributing Magic Leap’s products, which are expected to be available sometime this year. When they’re ready, people will be able to try them out at AT&T stores in Atlanta, Boston, Chicago, Los Angeles, and San Francisco.

John Donovan, who heads AT&T Communications, will also join Magic Leap’s board as an observer.

To contact the reporter on this story: Joshua Brustein in New York at jbrustein@bloomberg.net

To contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Molly Schuetz, Timothy Annett

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