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.

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

Shares of EchoStar are skyrocketing Tuesday. The company announced a definitive agreement to sell a portfolio of its wireless spectrum licenses to AT&T.