EchoStar Reveals Details for Merger of BSS Business
EchoStar revealed details for the completion of the spin-off and subsequent merger of its BSS Business, which was announced May 20. EchoStar set a record date of August 19 for the spin-off of that portion of its EchoStar Satellite Services business that manages, markets, and provides (i) broadcast satellite services primarily to Dish Network, Dish Mexico, and their respective subsidiaries and (ii) telemetry, tracking and control services to satellites owned by Dish and a portion of EchoStar’s other businesses, and certain related assets and operations.
Subject to the satisfaction or waiver of certain closing conditions, on the distribution date for the spin-off, EchoStar will distribute to each holder of shares of Class A or Class B common stock of EchoStar as of the close of business (Eastern time) on the record date a number of shares of common stock of EchoStar BSS Corporation, a wholly-owned subsidiary of EchoStar that will, after an internal restructuring, own and operate the BSS Business, equal to one share of BSS Common Stock for each share of EchoStar Class A or Class B common stock then held by each such EchoStar stockholder. As previously announced, immediately following the distribution, a subsidiary of Dish will merge with and into BSS Corporation, and BSS Corporation will continue as a wholly-owned subsidiary of Dish.
The Distribution and Merger are currently expected to be completed no earlier than September 10, subject to the satisfaction or waiver of certain closing conditions.