Spacecom Satellite Communications Ltd. (TASE:SCC), controlled by Shaul Elovitch, has acquired a satellite from Boeing for $161 million, the company notified the Tel Aviv Stock Exchange (TASE) this morning. The new satellite will be ready for launch by the first quarter of 2019 and will provide communications services to Africa, the Middle East and Europe. These are regions formerly covered by Amos 5. RELATED ARTICLES Xinwei to buy Spacecom despite Amos explosion Spacecom to receive $196m insurance for Amos 6 explosion Amos 6 satellite destroyed in SpaceX explosion Amos 17 will replace Amos 6, which was destroyed on the launch pad when the SpaceX Falcon 9 rocket exploded at Cape Canaveral, Florida on September 1. Spacecom subsequently received an insurance payment of $191 million from Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) for the lost satellite. Spacecom said that the lifespan of Amos 17 will be 15 years at least and it will cost $5 million per year to maintain. Boeing has committed to support launch operations and to implement the required operations after launch and until Amos 17 is in position and to undertake necessary checks during orbit. Boeing is responsible for insuring the satellite before launch, while afterwards Spacecom will pay $20 million for insurance. Spacecom will finance the Boeing deal from Israel and overseas banks and institutions as well as the public. Published by Globes [online], Israel business news - www.globes-online.com - on December 21, 2016 © Copyright of Globes Publisher Itonut (1983) Ltd. 2016
