EchoStar Corporation completed its acquisition of DISH Network Corporation on December 31, 2023. To complete the acquisition, a wholly owned subsidiary of EchoStar merged with and into DISH Network, with DISH Network becoming a wholly owned subsidiary of EchoStar.
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 transaction combines DISH Network's satellite technology, streaming services and 5G network with EchoStar's satellite communications solutions to deliver terrestrial and non-terrestrial wireless connectivity, according to a statement from the companies. Both companies have strong momentum, highlighted by DISH Network's 5G wireless network that now covers more than 70% 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 acquisition will enable the combined company to deliver a broad set of communication and content distribution capabilities, accelerating the delivery of satellite and wireless connectivity solutions desired by customers.
"This merger brings us one step closer to our goal of offering ubiquitous connectivity to people, enterprises and things, everywhere," said Hamid Akhavan, President and Chief Executive Officer of EchoStar. "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."
"The completion of this merger marks an important milestone for our company and our customers, launching a new era of connectivity," said Charles Ergen, Executive Chairman of the Board of EchoStar. "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."
The combined company is headquartered in Englewood, Colorado. It goes to market worldwide under Boost Mobile, Boost Infinite, Sling TV and DISH TV, as well as EchoStar, Hughes® and JUPITER™ satellite services, HughesON™ managed services and HughesNet® satellite internet brands, according to the statement.
Evercore served as 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. 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.
