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Hughes to Acquire EchoStar Communications for US$2 Billion
 
The sale transaction includes all subsidiaries owned by the powerful US group.
 
ttv Newsroom
16/02/2011 07:26:00 p.m.
Moments before rocket Proton-M takes off from the Baikonur cosmodrome in Kazakhstan, launching satellite Echostar XV.
 
EchoStar has agreed to acquire Hughes Communications and its subsidiaries, including its main operating subsidiary Hughes Network Systems, for nearly US$ 2 billion.

The transaction, which has been approved by both companies' boards and Apollo Management -Hughes' previous majority stockholder- will see EchoStar pay Hughes shareholders $60.70 per share without interest.

In January, analysts speculated that Apollo's auction of Hughes would generate a per-share price in the mid-US$60 region.

The president and CEO of EchoStar, Michael Dugan, said the transaction aims to enhance the company's video services and data broadband transport capabilities.

The transaction is expected to close later this year, subject to closing conditions and US federal regulatory approvals.
 
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