AT&T said Tuesday that it’s spending $23 billion to acquire certain wireless spectrum licenses from EchoStar, a significant expansion of AT&T’s low- and mid-band coverage networks

AT&T said Tuesday it will purchase key wireless spectrum licenses from EchoStar for about $23 billion, as the telecom provider seeks to boost its network in a competitive market. In June, President Trump prodded satellite communications and Dish TV parent EchoStar and Federal Communications Commission Chair Brendan Carr to reach an amicable deal over the fate of the company’s wireless spectrum licenses,

For EchoStar, the infusion of $23 billion in cash will alleviate investor concerns over its significant debt. EchoStar’s deal to sell Dish Network to DirecTV last year was scrapped after EchoStar bondholders rejected the debt-exchange terms that would have reduced the vale of their holdings.