EchoStar (SATS) expects to have $24.1 billion in cash after using the proceeds from its recent spectrum license sales to repay debt, Reuters reported Monday, citing Chief Executive Hamid Akhavan.

The satellite communications firm sold certain wireless spectrum licenses to AT&T for $23 billion and SpaceX for about $17 billion, according to the report.

The cash proceeds from the transactions will be $31.2 billion while the company will have a debt repayment of $11.4 billion, Akhavan reportedly said.

The company had cash in hand of $4.33 billion on June 30, according to Reuters.

EchoStar plans to focus on growing its Boost Mobile hybrid mobile virtual network operator by using AT&T's network and integrating satellite connectivity through Starlink direct-to-cell service, the report said.

The company did not immediately respond to MT Newswires' request for comment on the matter.

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