EchoStar’s stock soared further into record territory after a $17 billion deal to sell spectrum to Elon Musk’s SpaceX.

The U.S. Federal Communications Commission will terminate its investigation into EchoStar's 5G buildout obligations in the country, according to a letter from the agency's chair.The expected move follows EchoStar's $17 billion deal to sell wireless spectrum to billionaire Elon Musk's SpaceX and two weeks after it announced a $23 billion spectrum sale to AT&T.

SpaceX will purchase wireless spectrum licenses from EchoStar, the telecommunications company that owns the Boost Mobile cell provider, for about $17 billion in cash and stock, the companies said on Monday morning, letting the Elon Musk company forge a larger role in the cell-phone market.