EchoStar, the parent company of Germantown-based broadband satellite services provider Hughes, and Dish Network have signed an all-stock merger agreement with the goal of establishing a global connectivity provider to businesses, governments and consumers. The boards of directors at both companies unanimously approved the deal and all parties expect to complete the transaction by the end of 2023, according to a joint statement released Tuesday.
Under the agreement, Dish Network shareholders will own 69 percent of the combined firm and EchoStar shareholders will hold the remaining 31 percent. Charles Egren, co-founder and chairman of the two companies, will serve as executive chairman of the merged entity upon the deal’s closure, while EchoStar President and CEO Hamid Akhavan will lead the future organization to be headquartered in Englewood, Colorado.
The combination is subject to majority shareholder group approval, regulatory clearance and other customary closing conditions. Dish Network President and CEO Erik Carlson will step down once the transaction is completed. Seven directors from Dish and three from EchoStar will make up the combined firm’s board membership.
The two companies plan to bring an integrated portfolio, which will include Hughes satellite internet and managed network services, to the global marketplace. EchoStar’s Hughes subsidiary deployed Jupiter 3, a next-generation ultra-high-density satellite manufactured by Maxar Technologies, to space in July.
Longtime ABC News 7 anchor and reporter Horace Holmes passed away on December 3, 2023 at the age of 66.
The Takoma Park Police Department has sent out tips to remain safe during the holiday season. The tops can be seen below:
Takoma Park Mayor Talisha Searcy has released a statement regarding the report of a bomb threat that occurred Saturday at Motorkat in Takoma Park:
The building that was previously home to Hyattstown United Methodist Church in Clarksburg is available for sale. The complex comprises three land parcels, which include a small church with sanctuary…
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