Today, EchoStar announced the completion of its acquisition of DISH Network on December 31, 2023. To complete the acquisition, a wholly owned subsidiary of EchoStar has merged with and into DISH Network, with DISH Network surviving the merger as a wholly owned subsidiary of EchoStar. As previously announced, as a result of the merger, each share of DISH Network Class A Common Stock and DISH Network Class C Common Stock converted into 0.350877 shares of EchoStar Class A Common Stock, and each share of DISH Network Class B Common Stock converted into 0.350877 shares of EchoStar Class B Common Stock.
The deal 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. And both companies have been seeing strong momentum, highlighted by DISH Network’s 5G wireless network that now covers more than 70 percent of the U.S. population and the successful launch of EchoStar’s JUPITER 3 satellite with significant available capacity for converged terrestrial and non-terrestrial services. The combined company is uniquely positioned to deliver a broad set of communication and content distribution capabilities, accelerating the delivery of satellite and wireless connectivity solutions.
The combined company is based in Englewood, Colorado. And it goes to market worldwide under a suite of proven consumer and business brands, including Boost Mobile, Boost Infinite, Sling TV and DISH TV, and EchoStar, Hughes and JUPITER satellite services, HughesON managed services, and HughesNet satellite internet.
Evercore served as an exclusive financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel to the Special Committee of the Board of Directors of EchoStar. White & Case LLP served as legal counsel to EchoStar. And J.P. Morgan served as exclusive financial advisor, and Wachtell, Lipton, Rosen & Katz served as legal counsel to the Special Transaction Committee of the Board of Directors of DISH Network. Sullivan & Cromwell LLP served as legal counsel to DISH Network.
KEY QUOTES:
“This merger brings us one step closer to our goal of offering ubiquitous connectivity to people, enterprises and things, everywhere. Together we’re better positioned to realize the connected future by leveraging every type of transport, combined with smart, enabling technologies and fully integrated services. Our superior portfolio of technology, spectrum, engineering, manufacturing and network management expertise will deliver the unparalleled connectivity solutions that customers demand.”
- Hamid Akhavan, President and Chief Executive Officer of EchoStar
“The completion of this merger marks an important milestone for our company and our customers, launching a new era of connectivity. We have brought together two trailblazing companies with complementary portfolios to create a global connectivity leader with premier wireless, satellite, and video distribution capabilities. Together, EchoStar and DISH offer an enhanced consumer connectivity business and an unmatched enterprise managed services business. In a world that is increasingly wireless, we are well-positioned to drive revenue and profitable growth.”
- Charles Ergen, Executive Chairman of the Board of EchoStar
“Bridging the digital divide and seamlessly connecting people, enterprises, and things is essential in the digital-first economy. Our combined brands, technology and operational and engineering resources uniquely position EchoStar to provide a compelling global offering that connects consumers to the internet access, mobile phone service, television programming, and streaming content they want, as well as delivering business and government customers the secure terrestrial, non-terrestrial, and hybrid connectivity solutions they need.”
- John Swieringa, President, Technology & Chief Operating Officer of EchoStar
