Gilat jumps on acquisition reports

Gilat headquarters

The Israeli satellite networks company's share price is up sharply today on reports it might be acquired at a premium by an international company.

Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) is soaring on reports that an international company is in talks to acquire it at a premium on its current share price. The Israeli company's share price is up 13% on the Tel Aviv Stock Exchange in afternoon trading.

Mivtach Shamir Holdings Ltd. (TASE:MISH), which is a party of interest in Gilat, with a 10% stake, saw its share price rise 10%. The largest shareholder in Gilat is First Opportunity Funds (FIMI) with a 34.4% stake, while The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) has a 7.4% stake and the Renaissance Fund has a 5.1% stake.

Gilat's share price rose by more than 10% on Nasdaq last week, giving a market cap of $507 million, without any reports from the company.

FIMI bought part of its stake in Gilat in 2014 from York Capital Management for NIS 200 million, having previously bought an 11% stake from institutional investors in 2012 for NIS 14.3 per share. Gilat's current share price is NIS 33.60 per share.

Gilat Satellite Networks is a veteran Israeli tech company founded more than 30 years ago which develops and provides integrated VSAT platforms to enable customers to exploit the full potential of High Throughput Satellites (HTS) and Very High Throughput Satellites (VHTS), as well as Non GEO Satellite Orbits (NGSO) constellations and next generation technologies.

Published by Globes [online], Israel business news - en.globes.co.il - on January 19, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Gilat headquarters
Gilat headquarters
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018