[June 09, 2011] Apollo Management sells stake in Hughes Communications to EchoStar Tweet Jun 09, 2011 (Datamonitor Financial Deals Tracker via COMTEX) -- Apollo Management IV, L.P., a private equity fund, has completed the sale of its stake in Hughes Communications, Inc. and its subsidiaries including Hughes Network Systems, LLC to EchoStar Corporation. All the entities are based in the US. EchoStar is a designer and developer of television set-top boxes, while Hughes is a provider of broadband satellite networks and services for enterprises, governments, small businesses, and consumers. Announcement (February 14, 2011): Apollo Management has entered into an agreement to sell its stake in Hughes Communications and its subsidiaries including Hughes Network Systems to EchoStar. Under the terms of the transaction, Hughes' shareholders will receive $60.70 per share without interest, which represents a premium of 31% over Hughes' closing share price of $46.43 on January 19, 2011. Deutsche Bank Securities provided committed financing for the transaction. Deutsche Bank Securities is acting as financial advisor to EchoStar and Barclays Capital is acting as financial advisor for Hughes. Sullivan & Cromwell LLP is acting as legal advisor to EchoStar, while Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to Hughes for the transaction. Deal Type Private Equity Sub-Category Exit Deal Status Completed: 2011-06-08 Deal Participants Target 1 (Company) Hughes Network Systems, LLC Target 2 (Company) Hughes Communications, Inc. Acquirer (Company) EchoStar Corporation [ Back To TMCnet.com's Homepage ]