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Monday, February 14, 2011

RPT-EchoStar to buy Hughes Communications for $1.33 bln

Communication equipment provider EchoStar Corp agreed to buy Hughes Communications Inc for about $1.33 billion, excluding debt, to bolster its broadband capabilities. Under the terms of the deal, Hughes' shareholders will get $60.70 per share, a 31 percent premium over the stock's Jan. 19 close, a day before Reuters exclusively reported that Hughes had hired bankers for a sale. Including debt, EchoStar will pay $2 billion for the acquisition.