The transaction of $68 million, represents a 50% premium over the average $2.6 price per share from the last six months trading average on the Tel Aviv Stock Exchange. Completion of the transaction is conditioned upon approval by Spacecom’s shareholders; regulatory approvals – including Israel’s Ministry of Communications; and by other third-parties currently contracted with Spacecom.
Completion of the transaction will potentially strengthen Spacecom’s operations in Eastern and Central Europe and will enable additional synergies with the companies that are resident within the 4iG Group.
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.”
Spacecom is represented in the deal by Doni Toledano, Shay Dayan, and Alon Abramovitch of Erdinast, Ben Nathan Toledano & Co. legal offices. 4iG is represented in the transaction by Sharon Amir, Tuvia Geffen and Itay Deutsch of Naschitz, Brandes, Amir & Co.