Communication equipment provider EchoStar Corp. will buy Hughes Communications Inc., which is majority-owned by private equity firm Apollo, Reuters reported. EchoStar will pay roughly $2 billion, including debt. Hughes’ shareholders will get $60.70 per share, a 2 percent premium over Hughes Friday closing price of $61.78, Reuters said.
(Reuters) – Communication equipment provider EchoStar Corp agreed to buy Hughes Communications Inc, majority-owned by private equity firm Apollo, for about $2 billion, including debt.
Under the terms of the deal, Hughes’ shareholders will get $60.70 per share, a 2 percent premium over Hughes Friday closing price of $61.78, but a 31 percent premium over the stock’s Jan. 19 closing price.
Hughes had hired Barclays Capital to advise on a sale of the company, people familiar with the matter said on Jan 20. (Reporting by Supantha Mukherjee in Bangalore)
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