Spacecom Sale Approved for $32 Million After Years of Turmoil
Translated & summarized from Ice by baba
Spacecom, an Israeli satellite operator, is slated for sale at approximately 154 million shekels ($32 million) to Omega Institute for Modern Teaching, owned by Or and Liron Karsin. The deal requires court and Ministry of Communications approval. This sale marks a potential end to years of financial instability and ownership uncertainty for the company, which operates the "Amos" satellite fleet.
The story in 6 lines · by baba
- Spacecom is set to be sold for approximately 154 million shekels ($32 million) to Omega Institute.
- The controlling stake of 31.4% will be sold for 48.5 million shekels.
- The sale requires approval from the Tel Aviv District Court and the Ministry of Communications.
- Spacecom operates the "Amos" fleet of Israeli communication satellites.
- The company has faced years of financial instability and ownership uncertainty.
- The sale follows the receivership of shares due to the collapse of the Eurocom Group.
Spacecom, a veteran Israeli telecommunications and infrastructure company, is set to be sold for approximately 154 million shekels ($32 million) following years of ownership and financial uncertainty. The company announced to the Tel Aviv Stock Exchange that receiver Adv. Hagai Ulman has filed a request with the Tel Aviv District Court to approve the sale of the controlling stake.
The proposed buyer is Omega Institute for Modern Teaching Ltd., a private company owned by Or Karsin and Liron Karsin. The deal values the company at 154.1 million shekels, with the purchase price for the controlling 31.4% stake set at 48.5 million shekels, or 2.18 shekels per share. Omega has provided a 10% bank guarantee to demonstrate its commitment, and the secured creditors have agreed to the transaction.
However, the sale is not yet final and is contingent on two key approvals: the District Court's sanction and a formal permit from the Ministry of Communications. This latter approval is required due to the strategic nature of Spacecom's satellite operations.
Spacecom, established in the 1990s, operates the "Amos" fleet of Israeli communication satellites, providing advanced services to broadcasters, telecom firms, and government clients across Israel, Europe, the Middle East, Africa, and Asia. The company has faced significant business challenges in recent years, including market shifts in broadcasting and prolonged debt restructuring efforts, exacerbated by the receivership of the controlling shares following the collapse of Shaul Elovitch's Eurocom Group.
If the necessary legal and regulatory approvals are granted, Spacecom will transition to new private ownership, aiming to stabilize its control structure and begin a new chapter.
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