4iG Cleared to Raise Stake in Spacecom

Deals

Image by Roman Yanushevsky / Shutterstock.com

Listed Hungarian IT company 4iG on Thursday said it was cleared by Israel's Ministry of Communications to raise its stake in Israeli satellite company Space Communications from 9.538% to 20% with a capital raise, according to a report by state news wire MTI.

Under an agreement 4iG signed last September, 4iG may gradually acquire a 51% stake in Spacecom over a period of several years. The deal outlines 4iG's acquisition of 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 the Ministry of Communications.

4iG acquired its 9.538% stake in Spacecom in October.

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.

Hungary CPI Drop Acknowledged at IMF/World Bank Spring Meeti... Figures

Hungary CPI Drop Acknowledged at IMF/World Bank Spring Meeti...

Gov't Considering Fuel Price Intervention Government

Gov't Considering Fuel Price Intervention

AI may Save Hungarian Healthcare, Says Leading Doctor Science

AI may Save Hungarian Healthcare, Says Leading Doctor

Time Out Market to Open in Budapest Next Year Food

Time Out Market to Open in Budapest Next Year

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.