Hungarian IT and telco firm 4iG has announced a deal to acquire satellite operator Spacecom.
First mooted in June, the deal ses 4iG and its two subsidiaries – Hungaroo DigiTel and CarpathiaSat – acquire a 51% majority stake in the Israeli satellite operator
The agreement sees 4iG invest US$68 million in the firm, and values the AMOS fleet satellite operator at over US$124 million.
Spacecom is a prominent player in Hungary, and operates four geosynchronous satellites that provide services to the country. The company said that the transaction would strengthen its operations in Eastern and Central Europe and enable additional synergies with companies within the 4iG Group.
The deal requires the approval of Spacecom’s shareholders, along with the approval of the Israeli Ministry of Communications.
Spacecom CEO Dan Zajicek said: “This is an exciting, important and meaningful announcement. It’s a true testament for their trust in Spacecom, including implementing our strategic plans to evolve from being a provider of satellite capacity to a communication services provider offering managed services, end-to-end services, and provision of advanced solutions in the communication value chain such as turn-key projects, planning, deployment, and operation of satellite communication networks.
“4iG’s entrance, with its financial investment in the company, will significantly improve the company’s financials and is expected to add value to the company’s shareholders.”
4IG CEO and president Gellért Jászai, said: “We look forward to working with Spacecom’s management, which will open up new business opportunities for both companies in the telecommunications and space industries.
“I am confident that the shareholders of Spacecom will also welcome us at the extraordinary general meeting of the Company. We want to be present in the company as a long-term professional investor, and we have a strong growth strategy in the field of telecommunications and space telecommunications.We will also dedicate an important role to Spacecom in the development and operation of the first Hungarian commercial satellite, to be launched by our subsidiary CarpathiaSat, in which we count on the company’s decades of experience, as well as the expertise of the employees working there.”
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