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.