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EchoStar wins bidding for Hughes Electronics
Posted: Tue, Oct 30, 2001, 12:11 AM ET (0511 GMT)
Direct television broadcasting company EchoStar announced Monday that it had come to terms with General Motors to acquire Hughes Electronics and its DirecTV subsidiary for approximately $26 billion. Under the agreement Hughes will spin off from General Motors and merge with EchoStar; the company will retain the EchoStar name and use the DirecTV brand name for its services and products. The merger will require $5.5 billion in financing, half of which has already been arranged with Deutsche Bank, with General Motors proving the rest temporarily until arrangements can be made with another financial institution. The deal is not expected to close until the second half of 2002, and requires shareholder approval by GM and EchoStar as well as regulatory clearance. Hughes had been pursued by both EchoStar and News Corporation, both of whom were primarily interested in DirecTV, the largest direct TV satellite broadcaster in the United States.
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