Echostar To Acquire Hughes Communications For $1.3 Billion

Posted Feb 15, 2011

EchoStar Corporation (NASDAQ:SATS) is acquiring satellite Internet company Hughes Communications Inc. (NASDAQ:HUGH) for $1.3 billion. EchoStar is paying $60.70 per share in cash, a 1.7% discount to the Friday closing price of Hughes stock, but is 31% higher than the share price on January 19th. Private equity firm Apollo Global Management owns a majority of Hughes shares and has agreed to the deal. [NYT]