Deadline for Spacecom sale to Xinwei extended

Shaul Elovitch Photo: Eli Yizhar

The deadline for concluding negotiations on the deal, originally worth $285 million, is now November 15.   

Spacecom Satellite Communications Ltd. (TASE:SCC), controlled by Shaul Elovitch's Eurocom, notified the Tel Aviv Stock Exchange this morning that the deadline for the negotiations on the sale of Spacecom to Chinese company Beijing Xinwei Technology Group had been extended by from September 7 to November 15.

The $285 million deal that Spacecom reported on August 24 this year took a severe blow when the company's Amos 6 satellite was destroyed on the launch pad. The deal was conditional on the satellite's success. Last year, Spacecom lost contact with the Amos 5 satellite, and so Amos 6 was critically important for it.

Spacecom's business is now based on three satellites, all of them produced by Israel Aerospace Industries: Amos 2, Amos 3, and Amos 4. Spacecom's CEO is David Pollack.

Published by Globes [online], Israel business news - - on October 30, 2016

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

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