T-Mobile has found a buyer for the 800 MHz spectrum it inherited from Sprint, announcing today that it has agreed to divest the portfolio to Grain Management, LLC. The private investment firm, which focuses on digital infrastructure and broadband solutions, plans to market the spectrum to utilities, rural carriers, and critical infrastructure operators across the U.S.
The deal, expected to close by the end of April 2025 pending regulatory approval, involves T-Mobile receiving a combination of cash and all of Grain’s 600 MHz licenses—spectrum T-Mobile had already been leasing and deploying on its network. The move marks a strategic reshuffling of T-Mobile’s low-band spectrum assets while potentially unlocking billions in value.
Black & Veatch will guide utilities with the end-to-end planning, implementation, and operations of their intended private LTE 5G networks. “Grain’s acquisition and intended mobilization of 800 MHz of spectrum presents an opportunity for utilities to secure and protect their networks and improve efficiency and operational resiliency,” said Jim Moos, president of Black & Veatch’s Technology, Commercial and Industrial sector. “Our collective goal is to help utilities build and maintain dedicated networks that ensure operational security and reliability.”
The 800 MHz spectrum has long been a part of T-Mobile’s post-Sprint asset reshuffling. Dish Network—now EchoStar—originally had first dibs on the spectrum as part of the federal approval of the Sprint merger but couldn’t secure the financing. That triggered an auction with a floor price of $3.59 billion, which failed to produce qualifying bids. T-Mobile then continued direct negotiations with Grain.
Financial terms of the deal weren’t disclosed, but analysts say it likely includes a significant cash component.
Grain, in partnership with infrastructure experts Black & Veatch, intends to repurpose the 800 MHz spectrum for utilities and other critical sectors. The firm has already secured letters of intent from multiple utilities, according to regulatory filings, and argues that the low-band spectrum’s propagation characteristics make it ideal for secure, resilient, and interoperable communications in sectors like energy, water, and transportation.
“A uniform, well-propagating spectrum band available nationwide will offer substantial benefits for many utilities and their consumers, including cost efficiency, improved security, and interoperability between utility networks useful for a safe and effective national electricity grid,” Grain and T-Mobile told the FCC in a joint statement.
Still, Grain faces a significant challenge: 97% of the 800 MHz licenses are set to expire in June 2028. Grain is seeking a 12-year extension from the FCC to complete its network buildout—a timeline it argues is consistent with other flexible-use spectrum bands like 600 MHz and AWS-3.
Grain says it needs the extension to allow time for equipment development by vendors like Nokia, Ericsson, and Qualcomm, and to align with the slower capital planning cycles of public utilities, which often require years of regulatory approvals for infrastructure investments.
TAP Advisors served as the financial advisor to T-Mobile in the transaction.