EchoStar completes spin-off and merger of its BSS business
(10 September 2019 - Echostar) EchoStar Corporation announced today the completion of its spin-off and subsequent merger with DISH Network Corporationof the portion of its business that manages, markets and provides (i) broadcast satellite services primarily to DISH, Dish Mexico, S. de R.L. de C.V. and their respective subsidiaries and (ii) telemetry, tracking and control services to satellites owned by DISH and a portion of EchoStar's other businesses, and certain related assets and business operations.
The transaction was announced on May 20, 2019 and a record date of August 19, 2019 was announced on August 9, 2019. The transaction is structured in a manner intended to be tax-free to EchoStar and its stockholders.
Mike Dugan, President and CEO of EchoStar said: "The conclusion of this transaction enables EchoStar to focus on the growing broadband market and other strategic opportunities."
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite communications solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments.