The purchase will strengthen AT&T’s low- and mid-band spectrum portfolio and extend its reach across virtually every U.S. market
In sum – what to know:
$23B spectrum deal – AT&T will acquire EchoStar’s spectrum licenses in a $23 billion cash transaction, significantly boosting its low- and mid-band holdings across nearly every U.S. market.
Converged broadband strategy – The acquisition aligns with the telco’s goal of building a national broadband footprint that integrates fiber, fixed wireless, 5G, and satellite. The company has already passed 30 million fiber locations.
Heavy investment in infrastructure – AT&T has invested more than $145 billion between 2020 and 2024, with a focus on fiber and 5G, underscoring its intent to maintain long-term leadership in advanced connectivity.
AT&T said Monday it plans to acquire spectrum licenses from EchoStar in an all-cash deal valued at approximately $23 billion, a move aimed at strengthening its low- and mid-band spectrum portfolio and extending its reach across virtually every U.S. market.
The transaction, expected to close in mid-2026 pending regulatory approvals, will expand AT&T’s ability to deliver advanced connectivity over both its wireless and fiber networks. The company said the purchase will also accelerate the rollout of AT&T Internet Air, its fixed wireless home internet service, and enhance 5G capacity in high-demand areas.
“This acquisition bolsters and expands our spectrum portfolio while enhancing customers’ 5G wireless and home internet experience in even more markets,” said John Stankey, the carrier’s chairman and CEO. “We’re adding fuel to our winning strategy of investing in valuable wireless and broadband assets to become America’s best connectivity provider.”
The company also said it expects the acquisition to support subscriber growth, improve reliability for consumers and businesses, and strengthen connectivity for first responders.
As part of the agreement, AT&T and EchoStar will expand their long-term wholesale partnership. EchoStar, which owns the Boost Mobile brand, will continue to operate as a hybrid mobile network operator (MNO) using AT&T as its primary network services partner.
AT&T emphasized that the deal aligns with its broader strategy of building a converged national broadband footprint by combining fiber, fixed wireless, 5G, and satellite. In June, the carrier surpassed 30 million fiber locations passed — an achievement ahead of schedule that underscores this commitment to scaling both fiber and wireless services. CEO John Stankey noted the milestone puts AT&T roughly halfway toward its goal of reaching about 60 million fiber locations by 2030. The company also shared that has invested more than $145 billion between 2020 and 2024, largely directed toward expanding its fiber and 5G infrastructure.
Financially, AT&T noted that the EachStar investment fits within the capital framework outlined at its 2024 Analyst & Investor Day. The company reiterated its 2025 guidance on financial performance and capital returns, and said it continues to target a return to long-term net leverage levels.
If completed, the deal would mark one of AT&T’s largest spectrum transactions to date, further cementing its push to stay ahead in the competitive 5G and broadband market.
