EchoStar soars 85% on spectrum licenses deal with AT&T

EchoStar's SATS.O shares soar 84.7% to record high $55.19 early Tues, and on course for biggest daily gain ever, after announcing spectrum licenses deal with AT&T T.N

T said on Tues it will purchase key wireless spectrum licenses from SATS for about $23 bln as U.S. telecom giant looks to boost its network to stay ahead in a competitive market

Li censes cover more than 400 markets across the U.S. in total and will strengthen its low-band and mid-band spectrum holdings, T said

Both firms also agreed to expand their network services agreement, enabling SATS to operate as a hybrid mobile network operator (MNO) providing wireless service under the Boost Mobile brand

In Jun, Dish TV parent SATS said President Donald Trump prodded it and Federal Communications Commission Chair Brendan Carr to reach an amicable deal over the fate of the co's wireless spectrum licenses

On Tues, SATS said the deal with T is part of its ongoing efforts to resolve the regulator's inquiries

Through Mon close, SATS shares had risen 30.5% YTD

T shares up 0.5% early Tues to $28.75