Amos 6 satellite destroyed in SpaceX explosion

SpaceX fire Photo: Reuters

The explosion in Florida jeopardizes the $285 million sale of Israel's Spacecom to China's Beijing Xinwei.

The SpaceX Falcon 9 rocket has exploded at Cape Canaveral, Florida destroying Israeli company Spacecom Satellite Communications Ltd's (TASE:SCC) Amos 6 communications satellite, which it was due to launch. The explosion occurred during a trial ahead of Saturday's planned launch of the Amos 6 satellite. Spacecom's share price fell 9% in late trading after news of the incident was reported. The fire is still raging in Florida but there have been no reports of deaths or injuries.

It is too early to tell how the destruction of the Amos 9 satellite will affect the $285 million sale of Spacecom to China's Beijing Xinwei Technology, which was agreed last month but has yet to be completed. The agreement between the companies did say that the sale depended, among other things, on the launch of Amos 6.

This is the latest delay in the launching of the Amos 9, which had originally been scheduled for early 2015.

Published by Globes [online], Israel business news - - on September 1, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

SpaceX fire Photo: Reuters
SpaceX fire Photo: Reuters
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