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SATS

EchoStar

$40.42 /

-0.21 (-0.52%)

, DISH

Dish

$35.33 /

+0.27 (+0.77%)

06:08
05/20/19
05/20
06:08
05/20/19
06:08

EchoStar announces agreement to transfer BSS Business to Dish

EchoStar (SATS) announced that it executed an agreement with Dish (DISH) to transfer to Dish the portion of its EchoStar satellite services business that manages and provides broadcast satellite services primarily to Dish and its subsidiaries, or BSS Business. EchoStar shareholders will receive 22,937,188 shares of Dish Class A common stock upon consummation of the transaction. The BSS Business includes the business of EchoStar that manages and provides broadcast satellite services to Dish and its subsidiaries and Dish Mexico. It also provides telemetry, tracking and control services to satellites owned by Dish and a portion of EchoStar's other businesses. The transaction will also include the products, assets, licenses and technology, and the business operations, revenues, billings, liabilities and operating activities, primarily related to those businesses and certain other EchoStar real estate properties. At closing of the transaction, each EchoStar shareholder as of the distribution record date will receive shares in a newly created subsidiary of EchoStar housing, the BSS Business and other assets transferring in the transaction to reflect such stockholder's pro rata ownership of EchoStar Class A and Class B common stock in the aggregate. Immediately following the distribution, a subsidiary of Dish will merge with and into such entity and each EchoStar stockholder as of the distribution record date will receive a number of shares of Dish Class A common stock equal to 22,937,188 divided by the total number of shares of EchoStar Class A and Class B common stock outstanding on the distribution record date. The distribution record date has not yet been determined. As of May 16, the total outstanding shares of EchoStar Class A and Class B common stock was approximately 95,719,000, which would result in the issuance of approximately 0.24 shares of Dish Class A common stock for each share of EchoStar Class A and Class B common stock outstanding on that date. The final exchange ratio will be determined on the distribution record date. The transaction is structured in a manner intended to be tax-free to EchoStar and its shareholders. It is expected to close during the second half of 2019, subject to customary conditions, including receipt of certain regulatory approvals.

SATS

EchoStar

$40.42 /

-0.21 (-0.52%)

DISH

Dish

$35.33 /

+0.27 (+0.77%)

SATS EchoStar
$40.42 /

-0.21 (-0.52%)

05/17/19 Daiwa
EchoStar downgraded to Hold from Outperform at Daiwa
DISH Dish
$35.33 /

+0.27 (+0.77%)

05/06/19
Fly Intel: Top five analyst upgrades
05/06/19
Dish upgraded to Neutral at Credit Suisse on improving video subscriptions
05/06/19 Credit Suisse
Dish upgraded to Neutral from Underperform at Credit Suisse
04/17/19 Goldman Sachs
Sprint, T-Mobile headlines positive for Dish, Intelsat, says Goldman Sachs

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Initiation
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Earnings
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Recommendations
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