EchoStar has struck a $23 billion deal to sell a swath of wireless spectrum licenses to AT&T, part of the company’s effort to resolve federal regulatory inquiries and shore up its balance sheet.
The definitive agreement, announced Tuesday, covers 50 MHz of nationwide spectrum, including 3.45 GHz and 600 MHz bands, pending regulatory approval. As part of the deal, EchoStar and AT&T amended their network services agreement to form a hybrid mobile network operator relationship, according to The Hollywood Reporter.
“This transaction puts our business on a solid financial path,” said Hamid Akhavan, EchoStar’s CEO and president, noting the proceeds will help retire debt and fund future operations.
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