Johanne Lemay, Co-President of LYA, will be speaking on the spectrum panel “Riding the Wave: Industry Needs and Prospects in 2025” at next week’s CCA show in Denver. Navigating the ever changing spectrum waters is a key topic for mobile carrier strategy going forward. From the AWS-3 auction to Upper C Band, from low band to mid-band to mmWave, from 5G to 6G, from earth to space for D2D, from carriers to utilities to private networks and to the moon and beyond – no holds are barred.
And a major reshuffling of 5G mid-band 3.45 GHz licenses is underway, a linchpin of the mid-band spectrum range. Low band spectrum is also part of these developments in both 600 MHz and 800 MHz. Private equity is taking a central role. Up to now, the activity has been mostly focused on larger carriers, while potentially impacting smaller carriers whch are less spectrum rich than their national counterparts.
There are now many spectrum licenses in play in transactions and swaps involving AT&T, Verizon and T-Mobile. Echostar is looking to lease many of its holdings while also acquiring 600 MHz spectrum. And there is new spectrum coming from the FCC in the AWS3 auction.
Below is a list of recent proposed transactions based on FCC filings.
Echostar swaps six of its 3.45 GHz licenses with Omega Wireless in exchange for 600 MHz
On April 7, 2025, Grizzly Wireless (an Echostar company) and Omega Wireless (private equity) filed with the FCC to transfer six of the licenses won by Weminuche LLC (Echostar) in Auction 110 in exchange for 119 Omega Wireless licenses in the 600 MHz band.
T-Mobile 3.45 GHz licenses moving to Columbia Capital
T-Mobile won 199 licenses in Auction 110, but as It turns out, it does not want them. Columbia Capital’s “n77 License Co LLC”, is slated to acquire 171 of these licenses covering 65 PEAs. Last fall, T-Mobile identified it had not received a “written notice of committed financing as of December 9, 2024”, giving it the right to terminate the agreement to sell by February 7, 2025. However the FCC “consented to” the transaction on March 18, 2025, a step only required if the transaction was not terminated. Presumably T-Mobile will be disclosing further detail at some point. The T-Mobile licenses would add to Columbia Capital’s existing holdings of 18 licenses in 11 PEAs.
28 T-Mobile Licenses went to Soniqwave and then to AT&T
Back in May 2024, Soniqwave filed to swap its 2500 MHz licenses in 72 counties for 28 of the 3.45 GHz licenses held by T-Mobile (2 licenses in each of 14 PEAs). On March 20, 2025, an application was filed with the FCC to in turn transfer these licenses to AT&T. As part of this, AT&T has requested a waiver of the FCC’s four-block limit. The transfer from T-Mobile to Soniqwave was approved by the FCC, the subsequent transfer to AT&T is pending.
T-Mobile acquires UScellular but the 3.45 GHz licenses go to AT&T
May 2024 was a busy month… T-Mobile announced its intent to acquire UScellular spectrum licenses, customers and other assets. However, UScellular’s 3.45 GHz licenses were not included. In November 2024, AT&T indicated it would acquire the 3.45 GHz licenses on closing of the T-Mobile-UScellular transaction. To facilitate this, AT&T will need a waiver of the 4-block limit imposed by the FCC as it will with the Soniqwave licenses. However, the FCC’s rule expires in any case in January 2026.
And the next shoe to drop is… ?
In all there were 23 winning bidders of 3.45 GHz licenses in Auction 110. Verizon sat out. Echostar (then DISH) paid $7.3 billion for 1,232 licenses, now six less assuming the transfer to Omega is approved. Notable other spectrum investors won 3.45 GHz: Grain won 8 licenses, Whitewater (Charles Townsend) won 14 licenses, Cherry Wireless (Ed Moise) won 319 licenses, and others. AT&T was the biggest winner spending $9.2 billion for 1,624 licenses, representing 4 blocks in each PEA included in the auction.
The “trend” of recent transactions points to AT&T as being the main interested buyer of more for 3.45 GHz, but will AT&T have the appetite to acquire everyone else’s portfolio?
In a different approach, see our note here, in the recent transaction involving the proposed sale of T-Mobile’s 800 MHz licenses to Grain Management, Grain is planning create a market for spectrum focused on utilities, private networks and rural/regional operators. Could 3.45 GHz follow the same path? Columbia Capital could take the opportunity to develop the secondary market to utilities and smaller players a la Grain with 800 MHz.
LYA is a leading consultant on spectrum matters to mobile operators and investors worldide, for both mobile and satellite spectrum. Please reach out if there is an opportunity you would like to discuss. We look forward to your comments.