EchoStar (NASDAQ:SATS) saw its shares rise more than 6% in premarket trading Tuesday after reports suggested that Verizon Communications (NYSE:VZ) is exploring the purchase of the company’s wireless spectrum.

Bloomberg reported Monday that Verizon is in talks to acquire EchoStar’s AWS-3 licenses, which support 5G network operations.

If finalized, the transaction would place Verizon alongside AT&T (NYSE:T) and SpaceX, owned by Elon Musk, as holders of EchoStar’s wireless spectrum.

In a recent regulatory filing, EchoStar listed the AWS-3 spectrum at a “carrying amount” of $9.8 billion.

EchoStar stock price

Verizon Communications stock price

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