U.S. telecom company Verizon is in discussions with EchoStar about purchasing some of its wireless spectrum, Bloomberg News reported on Monday, citing people familiar with the matter.

U.S.-listed shares of the company rose 8% in overnight trading.

The discussions involve the satellite communications firm's AWS-3 licenses, valuable for carrying 5G wireless signals, the report said.

If the deal goes through, Verizon would join AT&T T.N and SpaceX as buyers of EchoStar's wireless spectrum licenses, according to Bloomberg.

Earlier this month, EchoStar said it expects to hold $24.1 billion in cash after using spectrum sale proceeds to repay debt, further strengthening its balance sheet and supporting growth across wireless, satellite and tech.

The company started selling certain assets after the U.S. Federal Communications Commission raised concerns over its compliance with spectrum buildout rules and use of mobile-satellite service spectrum.

EchoStar's regulatory filing values its AWS-3 spectrum at a "carrying amount" of $9.8 billion, according to the report.

Another part of it is set to be auctioned off by the federal government next year.