Omega to Acquire Control of Spacecom in Tender Process

Omega, owned by Liron Krassin, is set to acquire controlling interest in Spacecom. Omega and Krassin submitted the highest bid in a tender process managed by attorney Hagai Ullman, who is acting as trustee for the creditors of the former Eurocom Real Estate. These creditors received Spacecom's controlling shares, which had been pledged as collateral for the real estate company's debts.

Ullman decided to sell the shares after Spacecom reached a debt settlement with its bondholders. The sale involves 31.5% of Spacecom's shares. Omega's offer represents a premium of over 25% compared to the company's stock market valuation, despite a recent 6.8% drop in its share price. This decline followed the company's reported losses for the third quarter, reducing its market value to 115 million shekels.

This service catered to millions of travelers until the pandemic subsided. Omega's earlier attempt to enter the medical field through a merger with Bio-View, a publicly traded company, failed after a third party took control of Bio-View post-deal approval but before completion.

Approximately three and a half years ago, Omega identified a business opportunity in acquiring Carmel, a pharmaceutical wholesaler that was being sold as part of the Moriah Group's collapse. Omega won the auction for Carmel, which currently markets about a thousand medications to major pharmacy chains. Omega has been seeking a new business sector for three years, preferring a product with high demand, significant entry barriers, and substantial cash flow. The company's decision to bid for Spacecom resulted in Omega submitting the only practical offer in the tender, as two other entities submitted incomplete bids.