WASHINGTON (Reuters) -AT&T said on Tuesday it will purchase key wireless spectrum licenses from EchoStar for about $23 billion, as the the U.S. telecom provider seeks to boost its network in a competitive market.
In June, President Donald Trump prodded satellite communications and Dish TV parent EchoStar and Federal Communications Commission Chair Brendan Carr to reach an amicable deal over the fate of the company’s wireless spectrum licenses, the company said.
The deal marks the latest major investment by AT&T to accelerate its fiber and 5G network build-out as the wireless market saturates and internet usage surges.
Shares of EchoStar jumped more than 40% in premarket trading, while AT&T rose 1.5%.
In May, the FCC told EchoStar it was investigating the company’s compliance obligations to provide 5G service in the United States, questioning EchoStar’s buildout extension and mobile-satellite service.
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