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In Wake Of Dish Merger, EchoStar’s Beleaguered Stock Zooms 35% As Company Explores M&A Scenarios
Shares in EchoStar, which just completed a long-anticipated merger with Dish Network, have jumped more than 35% today after the company said it is officially reviewing its strategic options. While …
While that may not mean an M&A deal is imminent, the hiring of Houlihan Lokey and White & Case “to assist the company in evaluating potential strategic alternatives” was cheered by Wall Street. In a press release, EchoStar also announced “a series of strategic transactions to further unlock incremental strategic, financial and operating flexibility.” Those moves included transferring select wireless spectrum licenses into a new EchoStar entity and creating a new unit for 3 million pay-TV subscribers and freeing that division from debt covenants. “This asset allocation enables EchoStar to more optimally position the necessary resources for the execution of its strategic goal of becoming the premier provider of terrestrial mobile, satellite connectivity, and content services” CEO Hamid Akhavan said in the press release.
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