Dish Network chairman-backed SPAC in talks to buy wireless business unit
2022.10.12 21:58
© Reuters. FILE PHOTO: Dish Network Corp Chairman Charles Ergen exits the US Bankruptcy court in New York March 26, 2014. REUTERS/Andrew Kelly
(Reuters) – Blank-check firm CONX Corp, backed by Dish Network (NASDAQ:) Corp Chairman Charles Ergen, said on Wednesday it has begun preliminary discussions to acquire Dish’s retail wireless unit, Boost Mobile.
The special-purpose acquisition company (SPAC) said it will appoint a special committee of independent and disinterested directors to evaluate and approve the terms of any deal with the pay-TV and wireless carrier.
Dish confirmed that it was in preliminary talks with CONX. “We do not intend to provide further updates unless and until those discussions conclude in agreement as to a transaction,” a company spokesperson said in an email to Reuters.
Dish acquired Boost Mobile in 2020 as part of the T-Mobile and Sprint merger after the companies agreed to divest some assets including some wireless spectrum to create a new wireless competitor.
CONX also asked its stockholders to vote in favor of a proposal to extend the date by which it must complete a business combination with Boost Mobile from Nov. 3, 2022 to June 3, 2023. A special meeting of its stockholders will be held on Oct. 31, it added.
