EchoStar sets details of BSS spinoff to Dish

|About: EchoStar Corporation (SATS)|By:, SA News Editor

EchoStar (NASDAQ:SATS) has announced details for its spinoff and transfer of its broadcast satellite services business to Dish Network (NASDAQ:DISH).

It's set a record date of Aug. 19 to spin off the part of its business that manages, markets and provides BSS mainly to Dish and subsidiaries, and its telemetry, tracking and control services to satellites including those owned by Dish.

On the distribution date, EchoStar will distribute to each holder of its common stock a number of shares of stock in EchoStar BSS Corp. Then a subsidiary of Dish will merge with and into BSS Corp.

Those BSS Corp. shareholders will then receive a number of Dish Class A shares equal to 22,937,188 divided by the then-outstanding shares of EchoStar Class A and B stock. (If done today, EchoStar shareholders would receive 0.24 shares in Dish Class A for each EchoStar share.)

The companies expect the transactions to wrap up no earlier than Sept. 10.

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