4iG Acquires 9.5% Stake in Spacecom

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Listed Hungarian IT company 4iG on Friday said it acquired a 9.538% stake in Israeli satellite company Space-Communication in a public share issue, according to a report by state news wire MTI.

4iG signed a contract in September to gradually acquire a 51% stake in Spacecom over a period of several years. Under the contract, which replaced one signed close to a year earlier, 4iG may acquire a 20% stake in Spacecom in public offerings or private placements as a "first step". Three years after the acquisition of the 20% stake, 4iG may boost its holding in Spacecom by an additional 31%, pending approval by shareholders and clearance from Israel's Ministry of Communications.

The Ministry of Communications earlier issued approval for 4iG's acquisition of a 20% stake in Spacecom.

Spacecom operates the AMOS fleet of four geosynchronous satellites, offering broadcast and broadband service. Spacecom's AMOS 3 satellite leases the geostationary orbit held by Hungary under an agreement that will expire in 2024. CarpathiaSat, a 4iG group member, holds the rights to the orbit for a 20-year period from 2024.

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