T-Mobile Completes $2.9 Billion Sale of 800 MHz Spectrum Portfolio to Grain Management

Cleary Gottlieb represented T-Mobile U.S. Inc. (T-Mobile) in the sale of its 800 MHz spectrum portfolio to affiliates of Grain Management LLC (Grain), a private investment firm focused on digital infrastructure and solutions to the global broadband industry, in exchange for $2.9 billion in cash and all of Grain’s 600 MHz spectrum licenses.

The transaction signed on May 30, 2025, and closed on August 10, 2026.

T-Mobile is America’s supercharged Un-carrier, powered by an award-winning 5G network that connects more people, in more places, than ever before. With T-Mobile’s unique value proposition of best network, best value and best experiences, the Un-carrier is redefining connectivity and fueling competition while continuing to drive the next wave of innovation in wireless and beyond. Headquartered in Bellevue, Washington, T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile, and Mint Mobile.

For more information, please see the press release.

The Cleary M&A team included partner Chris R. Moore and associates Pierre Allegaert and John Bender. Partner Daniel Culley and associates Gabriel Lazarus and Anne Kettler are advising on antitrust matters. Partner Duane McLaughlin advised on debt financing matters. Partner Meyer Fedida and counsel J.J. Gifford advised on tax matters.