Beijing Xinwei Technology Group has agreed to buy Israeli Spacecom Satellite Communications Ltd for $285 million, the companies said on Wednesday.
Spacecom operates the AMOS series of communications satellites. The company is owned by Eurocom Group, which is controlled by Shaul Elovitch, Bezeq Israeli Telecommunication controlling shareholder.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
The compny to be fully acquired by Luxembourg Space Telecommunications which owned by Beijing Xinwei Technology.
After the acquisition is completed, Spacecom will become a private company, though its debentures will continue to be traded on the Tel Aviv Stock Exchange.
The merger still needs shareholder and regulatory approval before it can be finalised.
The price being paid was a 30% premium on the share’s market price, according to Globes.
The deal reflects a premium of 41 percent to Spacecom’s average stock price in the past month, Reuters reports.
