Elon Musk’s SpaceX will pay $17bn to buy wireless spectrum licences from embattled operator EchoStar to bolster its Starlink network, paving the way for the billionaire to expand its services in the US.
Shares in EchoStar, founded and still chaired by satellite tycoon Charlie Ergen, surged as much as 36 per cent in pre-market trading on Monday following the announcement of the deal.
The sale, the second by EchoStar in less than month, follows scrutiny from US regulators over whether the group was meeting its obligation to build a 5G satellite-based mobile phone network after it had spent billions of dollars acquiring licences.
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