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Monday, February 14, 2011

EchoStar says to buy Hughes Communications for $2 bln

Communication equipment provider EchoStar Corp agreed to buy Hughes Communications Inc , majority-owned by private equity firm Apollo , for about $2 billion, including debt. Under the terms of the deal, Hughes' shareholders will get $60.70 per share, a 2 percent premium over Hughes Friday closing price of $61.78, but a 31 percent premium over the stock's Jan. 19 closing price. Hughes had hired Barclays Capital to advise on a sale of the company, people familiar with the matter said on Jan 20. (Reporting by Supantha Mukherjee in Bangalore)

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