AT&T to acquire certain wireless spectrum licenses from EchoStar for $23B

AT&T (T) has agreed to purchase certain wireless spectrum licenses from EchoStar (SATS) for a total of approximately $23B, subject to certain adjustments. AT&T and EchoStar have also agreed to enhance their long-term wholesale network services agreement, enabling EchoStar to operate as a hybrid mobile network operator providing wireless service under the Boost Mobile brand. AT&T will be the primary network services partner to EchoStar as it continues to serve wireless customers. AT&T will acquire approximately 30 MHz of nationwide 3.45 GHz mid-band spectrum and approximately 20 MHz of nationwide 600 MHz low-band spectrum for approximately $23B in an all-cash transaction, subject to certain adjustments. These licenses cover virtually every market across the U.S. AT&T intends to begin deploying these mid-band licenses, which are compatible with its 5G network, as soon as possible. The company expects to support the deployment of these licenses, as well as the acquired low-band licenses, within the multi-year capital investment guidance provided with its second quarter 2025 earnings release. Additionally, AT&T maintains the fiber expansion targets it provided with its second quarter earnings release. The transaction is expected to close in mid-2026, subject to certain closing conditions, including regulatory approvals.