Chinese co buys Israel's Spacecom for $285m

Shaul Elovitch Photo: Eli Yizhar

Shaul Elovitch has sold Spacecom, which operates the AMOS communications satellites, to Beijing Xinwei Technology.

Spacecom Satellite Communications Ltd. (TASE:SCC) notified the Tel Aviv Stock Exchange (TASE) that it is to be fully acquired by Luxembourg Space Telecommunications for $285 million. Luxembourg Space Telecommunications is owned by Chinese communications company Beijing Xinwei Technology.

Spacecom, which operates the AMOS series of communications satellites, is owned by Eurocom Group, which is controlled by Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) controlling shareholder Shaul Elovitch.

The price being paid was a 30% premium on the share's market price yesterday morning when Spacecom first reported it was in talks to be sold for $285 million.

After the acquisition is completed, Spacecom will be delisted from the TASE but its bonds will continue to be traded on the Tel Aviv Stock Exchange.

Published by Globes [online], Israel business news - www.globes-online.com - on August 24, 2016

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

Shaul Elovitch Photo: Eli Yizhar
Shaul Elovitch Photo: Eli Yizhar
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