Dish Network and EchoStar are merging in an all-stock deal to create a $6 billion company. The merger aims to reunite Charlie Ergen's telecom empire and compete with larger U.S. carriers. The deal will combine Dish's pay-TV business and 5G network with EchoStar's satellite infrastructure, boosting cash flow and reducing capex needs.
The all-stock deal will combine Dish's pay-TV business and its 5G network with EchoStar's satellite infrastructure that serves retail, business and government clients, which, Ergen said, will boost their cash flow and reduce near-term capex needs.
"The transaction is predominantly about Dish getting access to the $1.7 billion of cash at EchoStar," New Street Research analyst Jonathan Chaplin said. "In addition to bolstering its liquidity, the combination will improve leverage for Dish." EchoStar stockholders will get 2.85 Dish Network's Class A shares, with the exchange ratio representing a 12.9% premium to EchoStar's close on July 5, a day beforeEchoStar's shares, which have gained about 38% since July 5, fell 5% in early trading on Tuesday. Dish's stock was up 4%.
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