Hughes Reportedly up for Sale [Reuters]

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According to Reuters, satellite ground equipment and broadband service provider Hughes Communications is up for sale and has already received preliminary bids from both private-equity and satellite-services firms.

Hughes, which is majority-owned by the private-equity firm Apollo, has hired Barclays Capital to advise it on the transaction, according to sources cited in the story.

“A second round of bids is expected for early February, one of the sources said.

     “Hughes shares surged as much as 30 percent to their highest level in about three years. The stock closed up 10.9 percent at $51.49 on the Nasdaq stock exchange on Thursday, valuing the company at more than $1.1 billion.”

 

READ IT AT: [Reuters]