The Hungarian info-communications company 4iG has concluded a new agreement on the acquisition of a minority stake in Spacecom.
In accordance with the prior approval of the Israeli Ministry of Communications (MOC), it will be allowed to purchase 20% of the satellite operator’s shares in a public and private share issue. Moreover, in three years after closing the transaction it will be able to acquire a further 31%, subject to the approval of the MOC and Spacecom’s shareholders.
Commenting on the development, Gellért Jászai, chairman of 4iG Group, said: “We are proud that after one and a half years of preparation, the Israeli Government agreed to acquire the minority ownership of Spacecom, which owns and operates critical infrastructure. By this agreement, 4iG can be the very first Hungarian enterprise that bears capabilities from landline to space communication assets, with full-scale and interoperable services in the fields of digitalization and telecommunications.
“Spacecom’s know-how and experience greatly support the launch of the first Hungarian commercial satellite, which may take place within 4-5 years, thanks to the technology and knowledge transfers created in connection with this cooperation”.
4iG notes that Spacecom offers broadcast and broadband satellite services to customers worldwide. As it does in Hungary and the region with Amos 3 satellite, using the Hungarian geostationary orbit until 2024. After this date, Hungary has the opportunity to gain control over its own orbit and frequency again. CarpathiaSat Plc. was established within 4iG Group to take this advantage and according to the plans will launch and operate the first Hungarian telecommunications satellite on geostationary orbit. In addition, CarpathiaSat owns the right to operate Hungary’s orbit for 20 years from 2024. Spacecom acquisition also provides significant technological and business support for developing the Hungarian commercial satellite to replace Amos 3.
As previously reported by Broadband TV News>, 4iG first entered into an agreement to buy a majority stake in Spacecom in June 2021.
