Shares in EchoStar Corporation (Nasdaq: SATS) are entering the stratosphere this morning as the company’s stock price surges after the announcement of a significant deal with telecommunications giant AT&T. Currently, SATS shares are up more than 80% after AT&T agreed to pay the Sling TV and Dish Network $23 billion for some of its wireless spectrum licenses. Here’s what you need to know.

What’s happened?

This morning, AT&T and EchoStar announced “a definitive agreement” that will see AT&T purchase wireless spectrum licenses from EchoStar. The deal will see AT&T pay EchoStar $23 billion in cash. In return, AT&T will acquire approximately 50 MHz of low-band and mid-band wireless spectrum.

That spectrum haul includes approximately 30 MHz of nationwide 3.45 GHz mid-band spectrum and approxi

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