4iG Signs New Deal to Acquire Spacecom

Deals

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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.

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