AT&T Leads Bidders in $22.5 Billion U.S. Spectrum Auction

Secretariat Economists Managing Director Allan Ingraham, Associate Directors Shreyas Ravi and Chris Sojourner, and Senior Associates Gabriel P. and Katherine Senseman provided strategic advice to AT&T for its participation in Auction 110, which offered 100 MHz of mid-band 5G licenses in the 3.45-3.55 GHz band.

AT&T won the most spectrum in the auction, acquiring the maximum allowable portfolio of 40 MHz in every market across the continental U.S. Furthermore, AT&T was the only bidder to acquire a uniform nationwide portfolio.

This auction allowed AT&T to improve its already strong mid-band position, and at prices significantly lower than last year’s C-band auction. AT&T is well positioned for 5G deployment, with the most consistent nationwide portfolio across all 5G bands.

The Secretariat Economists auction team has advised AT&T in all major spectrum auctions since 2014, including all the mid-band and mmWave auctions for 5G.

The official results files from the auction and the announcement of winning bidders and prices are provided by the US Federal Communications Commission’s auction site here: