4iG Signs New Deal to Acquire Spacecom
Image by Roman Yanushevsky / Shutterstock.com
Listed Hungarian IT company 4iG on Thursday said it signed a new contract to acquire a 51% stake in Israeli satellite company Space-Communication over a period of several years, according to a report by state news wire MTI.
Under the contract, which replaces one signed close to a year earlier, 4iG can 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.
4iG noted that the Ministry of Communications earlier issued approval for its 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.
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.