Milbank LLP advised Grain Management, LLC, a leading private investment firm focused on digital infrastructure and communications, on its successful acquisition of T-Mobile’s nationwide 800 MHz spectrum portfolio. The acquisition establishes Grain as the owner of one of the nation's largest privately held portfolios of low-band spectrum and advances Grain’s long-standing strategy of investing in communications infrastructure assets that serve critical industries and strengthen US connectivity.
The 800 MHz Band 26 spectrum is a rare, low-band asset, covering the entire US – including all major metropolitan markets and rural areas – with approximately 14 MHz of blended spectrum depth nationwide. Its propagation characteristics make it well-suited for a broad range of mission-critical applications, including private wireless networks for electric utilities and other critical infrastructure operators, enterprise communications and next-generation direct-to-device (D2D) satellite services. The spectrum also benefits from already-established mobile telecommunications protocols and widespread device compatibility, supporting efficient commercial deployment.
With the acquisition complete, Milbank is continuing to support Grain as it now focuses on executing its strategy for the 800 MHz portfolio, including ongoing engagement with potential commercial partners and advancing multiple pathways for deployment consistent with the framework established by the FCC.
The Milbank deal team was led by Transportation and Space partners Patrick Campbell and Josh Forman, Global Corporate/M&A partner Daniel P. Tyrrell and Global Corporate/M&A partner and head of Milbank’s Global Infrastructure practice John Franchini.
The team also included Global Corporate/M&A associate Abigail King and law clerk Sofie Tabernilla; Transportation and Space associates Irene Ittisarnronnachai and Cheng Li; Antitrust partner Fiona Schaeffer and special counsel Alexis Brown-Reilly; and Tax partner Max Goodman.
