AT&T Inc. (NYSE: T) completes $23B EchoStar spectrum license deal
Rhea-AI Filing Summary
AT&T Inc., through its indirect wholly owned subsidiary AT&T Mobility II LLC, completed the previously announced acquisition of wireless spectrum licenses from EchoStar Corporation and its subsidiaries on July 28, 2026. The Buyer acquired licenses in the 600 MHz band and the 3.45 GHz band for total cash consideration of approximately $23 billion. To fund part of this amount, AT&T drew $11.5 billion on its two-year term loan facility and $3.0 billion on its 364-day term loan facility under a $17.5 billion Delayed Draw Term Loan Credit Agreement with Bank of America, N.A., with the remaining purchase price paid in cash.
The acquired spectrum covers virtually every market across the United States and adds approximately 30 MHz of nationwide 3.45 GHz mid-band spectrum and approximately 20 MHz of nationwide 600 MHz low-band spectrum to AT&T’s portfolio. AT&T states that the added spectrum boosts its 5G capacity and download speeds and supports an AI-ready connected experience by enhancing uplink capabilities. The company also reiterates the financial outlook and capital allocation plan previously provided with its second-quarter 2026 earnings release.
Positive
- AT&T commits approximately $23 billion to acquire nationwide 600 MHz and 3.45 GHz spectrum, adding about 50 MHz of capacity to strengthen its 5G network.
- The acquisition adds roughly 30 MHz of 3.45 GHz mid-band and 20 MHz of 600 MHz low-band spectrum covering virtually every U.S. market, supporting faster 5G speeds.
Negative
- AT&T draws $11.5 billion on a two-year term loan and $3.0 billion on a 364-day term loan to finance the spectrum purchase, increasing short-term debt.
- The spectrum licenses require a total cash outlay of approximately $23 billion, representing a substantial use of capital.
Insights
Analyzing...
8-K Event Classification
Key Figures
Key Terms
Delayed Draw Term Loan Credit Agreement financial
600 MHz band technical
3.45 GHz band technical
5G capacity technical
non-GAAP financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What transaction did AT&T (T) complete with EchoStar?
How did AT&T (T) finance the $23 billion EchoStar spectrum purchase?
What spectrum bands and capacity did AT&T (T) gain from EchoStar?
Does AT&T (T) change its financial outlook after the EchoStar deal?
How will the EchoStar spectrum acquisition affect AT&T (T) customers?
What is the role of AT&T Mobility II LLC in the EchoStar deal for T?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT
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| NYSE Texas | ||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
As previously disclosed, on August 25, 2025, AT&T Mobility II LLC (the “Buyer”), a Delaware limited liability company and indirect, wholly-owned subsidiary of AT&T Inc. (the “Company”), entered into a License Purchase Agreement (the “License Purchase Agreement”) with EchoStar Corporation (“EchoStar”) and certain subsidiaries of EchoStar (together with EchoStar, the “Sellers”).
On July 28, 2026, the Buyer and Sellers completed the closing (the “Closing”) of the transactions contemplated by the License Purchase Agreement, which included the Buyer acquiring licenses in the 600 MHz band and in the 3.45 GHz band, in exchange for total cash consideration of approximately $23 billion (the “Purchase Price”).
On July 28, 2026, the Company drew $11.5 billion on its two-year term loan facility and $3.0 billion on its 364-day term loan facility, each of which is part of its $17.5 billion Delayed Draw Term Loan Credit Agreement (the “Term Loan”) with Bank of America, N.A., as agent, to finance a portion of the Purchase Price with the balance being paid in cash. The Term Loan has customary provisions on default and acceleration.
A summary of the material terms of the License Purchase Agreement is incorporated by reference from the Company’s Current Report on Form 8-K filed with the SEC on August 26, 2025. A summary of the material terms of the Term Loan is incorporated by reference from the Company’s Current Report on Form 8-K filed with the SEC on November 3, 2025.
| Item 7.01 | Regulation FD Disclosure. |
On July 28, 2026, the Company issued a press release with respect to the matters described in this Current Report on Form 8-K. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits | |
| 99.1 | Press release, dated July 28, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AT&T INC. | ||||||
| Date: July 28, 2026 | By: | /s/ Pascal Desroches | ||||
| Pascal Desroches | ||||||
| Senior Executive Vice President and Chief Financial Officer | ||||||
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Exhibit 99.1
DALLAS, July 28, 2026
AT&T Closes Acquisition of Spectrum Licenses from EchoStar
Transaction boosts AT&T’s 5G capacity nationwide, giving customers across the U.S. a stronger, faster connection
Key Takeaways:
| • | Acquisition adds approximately 50 MHz of low-band and mid-band spectrum to AT&T’s holdings – covering virtually every market across the U.S., strengthening AT&T’s position in advanced connectivity across 5G and fiber. |
| • | AT&T reiterates the financial outlook and capital allocation plan provided in its second-quarter 2026 earnings release. |
AT&T (NYSE:T) has closed its previously announced transaction to acquire certain wireless spectrum licenses from EchoStar (NASDAQ: ECHO) for approximately $23 billion. The acquired spectrum covers virtually every market across the U.S., adding approximately 30 MHz of nationwide 3.45 GHz mid-band spectrum and approximately 20 MHz of nationwide 600 MHz low-band spectrum to AT&T’s portfolio.
The added spectrum enables AT&T to boost its 5G capacity and download speeds while helping the Company deliver an AI-ready connected experience as it engineers the spectrum to enhance the superior uplink capabilities of its wireless network.
AT&T reiterates the financial outlook and capital allocation plan provided with its second-quarter 2026 earnings release.
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About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 150 years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise. This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the Company’s website at investors.att.com.
For more information, contact:
Brennan Edwards
AT&T Corporate Communications
Phone: (972) 209-2753
Email: brennan.edwards@att.com