ENGLEWOOD, Colo.—EchoStar Corporation has announced that it completed its acquisition of Dish Network Corporation on December 31, 2023.
The completion of the deal brings Charlie Ergen’s EchoStar and Dish holdings back together into one company and is designed to strengthen the companies efforts to better compete in the 5G market.
"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 transaction combines Dish Network's satellite technology, streaming services and nationwide 5G network with EchoStar's premier satellite communications solutions. It comes at a time when cord cutting has heavily cut into Dish Network’s pay TV video subscribers and the company has been spending heavily to expand its 5G network.
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 will provide the company with significant available capacity for converged terrestrial and non-terrestrial services, the company said.
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 combined company is headquartered in Englewood, Colorado and offers such services and brands as: 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.
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.
