EchoStar’s stock rallied 70% to $50.87 a share on Tuesday. The stock touched an intra-day record of $55.19 a share and ended the day in untouched territory, closing above its previous record of $50.43 a share on June 19, 2017, according to Dow Jones Market Data. Shares gained another 8% in after-hours trading.

EchoStar has agreed to sell wireless spectrum licenses for $23 billion to AT&T as it faces scrutiny from government regulators and after President Donald Trump urged a deal.

Shares in EchoStar, the US telecommunications group whose slow progress building its mobile phone network attracted criticism from the Trump administration, soared to a record high after agreeing a $23bn deal to sell a large collection of wireless spectrum licences to rival AT&T.