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Reports: China’s Xinwei close to Spacecom buy

December 5, 2016 09.31 Europe/London By Julian Clover

AMOS-6Spacecom is on the verge of being sold to the Chinese-backed Luxembourg Space Telecommunications, according to local media reports.

But the $190 million purchase price is a third less than the $285 million originally agreed in August.

Since then the Israeli satellite firm suffered the catastrophic launchpad failure of SpaceX’s Falcon 9 rocket and with it the loss of Amos 6. This in turn led to a fall in the value of Spacecom’s stock price.

Luxembourg Space Telecommunications is owned by the Chinese communications company Beijing Xinwei Technology.

Spacecom, which is controlled by Bezeq Israeli Telecommunication, had been looking for a buyer for two years.

A spokesman for Spacecom said the company had not agreed to terms and nothing has been signed by the two sides.

Last week, Spacecom signed a contract with AsiaSat to provide replacement capacity at 4 degrees West.

AsiaSat 8 will be co-located with Amos-3, for a four-year period. AsiaSat 8 will complement Amos-3 in offering a full range of communication services. Its beams will cover the Middle East, Central Eastern Europe and Africa.

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Filed Under: Editor's Choice, Newsline, Top Story Tagged With: Luxembourg Space Communications, Xinwei Edited: 19 January 2017 11:18

About Julian Clover

Julian Clover is a Media and Technology journalist based in Cambridge, UK. He works in online and printed media. Julian is also a voice on local radio. You can talk to Julian on Twitter @julianclover, on Facebook or by email at jclover@broadbandtvnews.com.

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