T-Mobile reached an agreement in principle to sell its 800 MHz spectrum portfolio to Grain Management, a private investment firm specializing in digital infrastructure. The deal will involve a combination of cash and a swap for Grain’s 600 MHz spectrum licenses, allowing T-Mobile to enhance its network performance. Grain, working alongside Black & Veatch, plans to market the 800 MHz spectrum to critical infrastructure operators, utilities, and regional carriers aiming to improve telecom services in underserved areas.
The agreement supports T-Mobile’s strategy to optimize its spectrum assets while expanding access to mid- and low-band frequencies across its network footprint. Grain intends to leverage the 800 MHz spectrum for critical industries requiring secure and resilient connectivity. The transaction also gives T-Mobile an opportunity to integrate additional 600 MHz spectrum into its 5G network, further strengthening customer experience and network efficiency, particularly in rural and regional markets.
The deal is expected to close by the end of April 2025, pending regulatory approval and other customary closing conditions. T-Mobile plans to allocate proceeds from the sale toward its existing capital strategy as outlined during its September 2024 Capital Markets Day.
Key Points:
• T-Mobile to divest its 800 MHz spectrum portfolio to Grain Management in exchange for cash and Grain’s 600 MHz spectrum licenses.
• Grain will market the 800 MHz spectrum to utilities, critical infrastructure operators, and regional service providers.
• T-Mobile to integrate additional 600 MHz spectrum into its 5G network for improved rural and regional coverage.
• Deal expected to close by April 2025, subject to regulatory approval.
• TAP Advisors served as the financial advisor to T-Mobile.
“We are very pleased with the terms we reached with Grain and think the deal represents a great value for both parties,” said Dirk Mosa, Senior Vice President, Spectrum, Partnerships and Acquisitions for T-Mobile. “This deal would give T-Mobile the opportunity to work with key partners like Grain that share our vision to optimize spectrum for consumers by exploring the possibilities of how emerging technologies can support mission-critical infrastructure and communications.”
- The sale of T-Mobile’s 800 MHz spectrum portfolio to Grain Management aligns with the carrier’s broader strategy to optimize its spectrum assets and strengthen its 5G network in rural and regional markets. By swapping for additional 600 MHz spectrum, T-Mobile enhances its low-band holdings, which are critical for deep signal penetration and wide-area coverage—key factors in improving customer experience in underserved areas. The deal also creates synergies with Grain, which plans to market the 800 MHz spectrum to utilities and critical infrastructure sectors requiring resilient private wireless networks. Proceeds from the transaction support T-Mobile’s capital deployment strategy as outlined during its September 2024 Capital Markets Day, balancing network investment priorities with shareholder value.
