M&A · Tech · Cable & Other Pay Television Services
EchoStar Corp to acquire DISH Network Corp
Announced Aug 8, 2023 · Closed Dec 29, 2023
Deal value—
Premium0.9%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- EchoStar Corp (SATS)
- Target
- DISH Network Corp (DISH)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Dec 29, 2023
Deal protections
Not yet read from the merger agreement.
Advisors
- To the acquirer
- Evercore
- To the target
- JPMorgan
- JPMorgan fee
- $5.0M
- Evercore fee
- $9.5M
Sector context · Tech
- Comparable deals
- 62 in the prior 24 months
- Premium
- 0.9% vs. 43.8% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedAug 8, 2023
- Proxy filedNov 7, 2023
- Definitive proxyNov 7, 2023
- Shareholder vote—
- ClosedDec 29, 2023
Valuation · fairness opinions
Trading comparablesJPMorgan$39.07$54.49
Discounted cash flowJPMorgan$37.34$46.34
Discounted cash flowJPMorgan$47.01$57.27
Sum of the partsJPMorgan$2.64$15.25
Sum of the partsJPMorgan$15.32$30.89
Trading comparablesEvercore$22.86$35.27
Trading comparablesEvercore$20.15$31.69
Trading comparablesEvercore$12.86$44.72
Trading comparablesEvercore$8.72$40.73
Discounted cash flowEvercore$34.33$43.47
Implied value per DISH Network Corp share by analysis, from JPMorgan and Evercore · DCF discount rate 8.5%–9.5%.