AT&T is set to acquire wireless spectrum licenses from EchoStar for $23 billion, expanding its coverage networks across more than 400 U.S. markets. The deal aims to attract more home internet subscribers and support growth goals. EchoStar will operate as a mobile network operator under its Boost Mobile brand with AT&T as the primary services partner.

AT&T plans to expand its fiber broadband network to over 50 million locations by 2029 and modernize its 5G wireless network with open technology by 2027. The company expects to achieve super-fast download speeds and drive innovation through new products and GenAI technology. AT&T also anticipates up to $8 billion in cash tax savings from 2025 to 2027.

Shares of EchoStar surged 76% at the opening bell, while AT&T’s shares rose less than 1%. AT&T CEO John Stankey stated that the acquisition will enhance customers’ 5G wireless and home internet experience, positioning the company as America’s top connectivity provider. The move aligns with AT&T’s strategy of investing in valuable wireless and broadband assets.

Read more at Yahoo Finance: AT&T snatches up wireless spectrum licenses from EchoStar for $23 billion