4iG unit to acquire controlling stake in Spacecom

Deals

Image by Roman Yanushevsky / Shutterstock.com

Listed IT company 4iG on Tuesday announced a binding agreement under which its unit Hungaro Digitel will acquire a 51% stake in Israeli satellite company Space-Communication, according to a report by state news wire MTI.

Spacecom will issue new shares, carrying 51% of voting rights, to be subscribed by Hungaro Digitel in a private placement in exchange for NIS 221 million, equivalent to NIS 8.5 per share.

Spacecom shares last traded at NIS 5.25 on the Tel Aviv Stock Exchange.

The transaction must still get regulatory clearance and the approval of Spacecom shareholders.

4iG said in June it signed a non-binding agreement to acquire the 51pc stake in Spacecom.

Spacecom operates the AMOS fleet of four geosynchronous satellites, offering broadcast and broadband service. The company had revenue of USD 88 million and EBITDA of USD 52 mln last year.

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