[Satellite TODAY 06-10-11] EchoStar Corp. successfully completed its acquisition of Hughes Communications and will now combine the companies to create a single entity providing satellite-based digital video and broadband technologies and services, EchoStar announced June 9.
The terms of the acquisition, initially announced in February, will see Hughes shareholders receive $60.70 per share without interest — a premium increase of 31 percent from Hughes’ unaffected closing share price of $46.43 in January 2011. EchoStar is funding the acquisition through its recent placement of $1.1 billion of senior secured notes and $900 million of senior unsecured notes.
“We also want to express our appreciation for the [U.S. Federal Communication Commission’s] thorough but expeditious review process, approving the merger less than 82 days after public notice,” EchoStar CEO Michael Dugan said in a statement. “This strategic combination will significantly expand our know-how to develop exciting new video and data products and solutions, opening up global market opportunities that leverage our leadership in the delivery of innovative video and broadband data services.”
