Press release
DISH Network Corporation and EchoStar Corporation to Combine
Creates a Global Connectivity Leader with Premier Wireless, Satellite and Video Distribution Capabilities Expected to Generate Significant Cost and Revenue
About this update from Echostar Corporation
[{"type":"text","content":"Creates a Global Connectivity Leader with Premier Wireless, Satellite and Video Distribution Capabilities\nExpected to Generate Significant Cost and Revenue Synergies \nStrong Asset Base and Enhanced Free Cash Flow Generation Position Combined Company for Growth and Value Creation\nLITTLETON and ENGLEWOOD, Colo., Aug. 8, 2023 /PRNewswire/ -- DISH Network Corporation (Nasdaq: DISH) and EchoStar Corporation (Nasdaq: SATS) today announced they have entered into a definitive agreement for DISH Network to combine with EchoStar Corporation in an all-stock merger at a fixed exchange ratio. The transaction was negotiated and recommended by Special Committees of Independent Directors of both companies and unanimously approved by the Boards of Directors of both companies.\n\n \n \n \n \n \n \n\n \nUpon closing of the transaction, EchoStar Corporation stockholders will receive 2.85 shares of DISH Network Class A common stock for each share of EchoStar Corporation Class A, Class C or Class D common stock and 2.85 shares of DISH Network Class B common stock for each share of EchoStar Corporation Class B common stock they own. The exchange ratio represents a premium of 12.9% to EchoStar stockholders as implied by the unaffected 30-day volume weighted average closing stock prices of the two companies on July 5, 2023, the last full trading day prior to media speculation regarding a potential transaction.\nThe transaction combines DISH Network's satellite technology, streaming services and nationwide 5G network with EchoStar's premier satellite communications solutions, creating a global leader in terrestrial and non-terrestrial wireless connectivity. Both companies have strong momentum, highlighted by DISH's 5G wireless network that now covers more than 70 percent of the U.S. with full commercialization underway and the successful launch of EchoStar's JUPITER 3 satellite with significant available capacity for converged terrestrial and non-terrestrial services. The combined company will be well-positioned to deliver a broad set of communication and content distribution capabilities, accelerating the delivery of satellite and wireless connectivity solutions desired by customers.\n\"This is a strategically and financially compelling combination that is all about growth and building a long-term sustainable business,\" said Charles Ergen, Chairman ...