4iG unit to acquire controlling stake in Spacecom
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.
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.