Ibadan, 4 January 2024. –EchoStar Corporation has announced the completion of its acquisition of DISH Network Corporation (“DISH Network”). A wholly-owned subsidiary of EchoStar merged with and into DISH Network, with DISH Network surviving the merger as 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 nationwide 5G network with EchoStar’s premier satellite communications solutions, creating a global leader in terrestrial and non-terrestrial wireless connectivity. Furthermore, both companies have strong momentum; for example, DISH Network’s 5G wireless network covers more than 70 per cent of the U.S. population, and the company recently launched its JUPITER 3 satellite. The satellite offers significant capacity for converged terrestrial and non-terrestrial services.
As a result, the new company now aims 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, EchoStar’s President and Chief Executive Officer. “Together, we’re in a better position to realize the connected future by leveraging every type of transport, combined with smart, enabling technologies and fully integrated services.”
The CEO also added, “Our superior portfolio of technology, spectrum, engineering, manufacturing and network management expertise will deliver the unparalleled connectivity solutions that customers demand.”