DirecTV said on Monday that it had agreed to acquire Dish Network in a deal that would create one of the largest pay-TV providers in the US.

DirecTV and Dish have agreed to combine in a deal that will create the biggest pay-TV provider in the US with about 18 million subscribers.Under the terms of the transaction, DirecTV will acquire Dish TV and Sling TV from EchoStar Corp.

DirecTV agreed to buy the Dish satellite TV and Sling TV business for a nominal fee of $1, in exchange for taking on $9.75 billion of Dish debt. But DirecTV's deal announcement on Monday said the merger needs approval from Dish debt holders, who would see their investments devalued.