AT&T to Acquire Spectrum Licenses from EchoStar for $23 Billion

In a deal that will expand the spectrum portfolio of the United States' largest wireless network operator, S&C is advising AT&T in its $23 billion all-cash acquisition of wireless spectrum licenses from EchoStar. For longtime client AT&T, the transaction significantly strengthens the company's low-band and mid-band spectrum holdings and its connectivity capabilities across more than 400 markets.

Under the terms of the transaction, AT&T will acquire 30 MHz of nationwide 3.45 GHz mid-band spectrum and 20 MHz of nationwide 600 MHz low-band spectrum, allowing the company to continue to lead as a wireless service provider through enhanced 5G coverage, greater reliability and faster speeds. 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 helps more than 100 million U.S. customers and nearly 2.5 million businesses connect to greater possibility.

The S&C team advising AT&T includes Eric Krautheimer, Melissa Sawyer, Bailie Mittman, Michael Nishida and Matthew Maeder. Ari Blaut, Alexa Kranzley and Elizabeth Fu are advising on financing matters. Isaac Wheeler, Jameson Lloyd and James Jang are advising on tax matters. Pat Brown is advising on disclosure and securities matters.

S&C's Mergers & Acquisitions Group led all law firm advisers in announced global deals in the first quarter of 2025, totaling more than $124 billion and representing a 14.1 percent market share, according to LSEG. We have recently advised:

• xAI and X on their $113 billion merger;
• Discover Financial Services in its $50.6 billion all-stock merger with Capital One Financial;
• ENN Natural Gas in its proposed $HK90.5 billion ($11.6 billion) privatization of ENN Energy Holdings;
• Robert Bosch GmbH on the largest transaction in the company's history-its $8 billion acquisition of a global HVAC solutions business from Johnson Controls and Hitach;
• Gildan in its $4.4 billion acquisition of HanesBrands; and
• Viridium in its $3.8 billion pending acquisition by Allianz, BlackRock and T&D Holdings.