AT&T agreed to acquire EchoStar’s key wireless spectrum licenses for about $23 billion, aimed at strengthening its 5G and fiber network build-out across more than 400 U.S. markets.

The deal boosts AT&T’s low-band and mid-band spectrum holdings to complement its ongoing fiber and 5G expansion in a saturated wireless market, while EchoStar says the transaction puts its business on a solid financial path and is evaluating remaining spectrum opportunities.

The licenses add 50 MHz of low-band and mid-band spectrum to AT&T’s portfolio and come as AT&T pursues broader growth moves, including a May agreement to acquire Lumen Technologies’ consumer fiber operations for $5.75 billion and a net subscriber gain of about 401,000 wireless subscribers in the April–June quarter.

The deal is expected to close by mid-2026.

Reporting on the transaction has been consolidated from multiple outlets, including The Verge, CNBC, WSJ, Reuters, AP, and the NYT.

The transaction follows regulatory and political activity in 2024–2025, including a June meeting among EchoStar’s Charlie Ergen, FCC Chair Brendan Carr, and then-President Trump to discuss EchoStar’s spectrum licenses and related 5G deployment obligations.

AT&T plans to finance the purchase with cash on hand and incremental borrowings, while reaffirming its financial guidance for 2025.

EchoStar will receive cash and will participate in a hybrid mobile network operator arrangement, with EchoStar providing wireless service under the Boost Mobile brand and AT&T acting as the primary network partner.

The acquisition expands AT&T’s spectrum portfolio and could impact wireless capacity and coverage across its network.