EchoStar rises after hiring advisors to help evaluate strategic alternatives

Shares of EchoStar have jumped $4.79, or 38%, to $17.45 after the company announced earlier that it has engaged financial and legal advisors to assist the company in evaluating potential strategic alternatives after having completed its merger with DISH Network Corporation. EchoStar announced the completion of “a series of strategic transactions to further unlock incremental strategic, financial and operating flexibility for its business” following completion of its merger with DISH Network, including DISH Network having transferred certain of its unencumbered wireless spectrum licenses under the umbrella of a newly formed subsidiary, EchoStar Wireless Holding L.L.C., a direct wholly-owned subsidiary of the company. DISH Network will continue to retain ownership of various other wireless spectrum licenses, including 600 MHz, 700 MHz, 3.45 GHz and AWS-3, of which 700 MHz and AWS-3 also remain unencumbered, and DISH DBS Corporation, EchoStar stated. The company has engaged Houlihan Lokey and White & Case LLP as financial and legal advisors, respectively, to assist the company in evaluating potential strategic alternatives, EchoStar noted. “This asset allocation enables EchoStar to more optimally position the necessary resources for the execution of its strategic goal of becoming the premier provider of terrestrial mobile, satellite connectivity, and content services” said Hamid Akhavan, President and Chief Executive Officer of EchoStar.