EchoStar nabs more funding for DirecTV acquisition
Credit Suisse First Boston (CSFB) has pledged $2.75 billion in financing to help EchoStar Communications acquire Hughes Networks and its DirecTV affiliate from General Motors. CSFB joins Deutsche Bank-- which also provided $2.75 billion--in financing the purchase, a deal that replaces GM’s temporary bridge financing.
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EchoStar is attempting to buy Hughes Networks from GM then merge its DISH Network with DirecTV to create a mammoth direct broadcast satellite delivery service with two-way broadband data capabilities. The deal is expected to take from nine months to a year to close and obtain federal approval.
--Jim Barthold, senior editor
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© 2012 Penton Media Inc.
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