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Spacecom sold to Chinese group
Israel satellite company Space Communications was sold to Chinese group Xinwei Beijing. The $285 million deal represents a 41% premium relative to the average price of shares last month.

Space Communications (Spacecom) was acquired by Big Bird Ltd., a Chinese-owned and Israel-operated group which is headed by retired Maj. Gen. Ami Shafran. With the completion of the merger, Spacecom will become a private company even though company-issued bonds to the public will continue to be traded on the Tel Aviv stock exchange.

 

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    Spacecom operates the Amos-2, Amos-3 and Amos-4 satellites, and will launch the Amos-6 satellite  in September. All of the satellites were built by Israel Aerospace Industries. Spacecom provides satellite services to television companies, Internet providers, telecommunication companies and infrastructure providers.

     

    Spacecom satellite
    Spacecom satellite

     

    Clients of Spacecom in Israel include the Israel Broadcasting Authority, Channel 2, Channel 10, Yes and the Israeli Government.

     

    Spacecom announced a five-year contract with the government, with an extension option for eight years, worth $64 to $164 million dollars just last month. The largest government consumers of satellite communications is the Ministry of Defense, for IDF use. Currently, emphasis is on the construction of the Amos-6, as the shift in company control may reduce the likelihood that the satellites are constructed in Israel.

     

    David Pollack, CEO of Spacecom, said "since the operation of the satellites is controlled from Israel, there is no reason to worry about availability. Spacecom will continue to function from Israel and will also continue to operate satellites in cooperation with Israel Aerospace Industries. As long as IAI remains competitive, Spacecom will be happy to acquire satellites from them."


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    פרסום ראשון: 08.27.16, 18:35
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