June 9, 2011

EchoStar Completes Hughes Purchase

EchoStar Corporation has completed its acquisition of Hughes Communications. Under the terms of the transaction, Hughes’ shareholders will receive $60.70 per share without interest, which represents a premium of 31 percent over Hughes' unaffected closing share price of $46.43 on January 19, 2011. The funding of the acquisition is being supported by the recent successful placement of $1.1 billion of senior secured notes and $900 million of senior unsecured notes.

“The two companies together will have an extensive fleet of owned and leased satellites, experienced personnel and communications facilities around the world, creating a global leader in video and data transport, said Michael Dugan, CEO and president of EchoStar, in a statement. "We also want to express our appreciation for the FCC’s thorough but expeditious review process, approving the merger less than 82 days after public notice."