Published On: Wed, Aug 24th, 2016

Beijing Xinwei Technology to buy Israel’s Spacecom for $285 million

AMOS-6-Oct2015 AMOS-6 in production. Photo courtesy of Spacecom

 

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.

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.

 

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