4iG enters global industry of space communications with minority acquisition of Amos Spacecom
4iG agreed on the conditions for purchasing the first step minority package of Spacecom. Pursuant to this, the infocommunication company can purchase 20% of Spacecom's shares in the public and private share issue, in accordance with the approval of the Israeli Ministry of Communications. In three years after closing this transaction announced on Budapest and Tel Aviv Stock Exchanges, 4iG can increase its share in Spacecom by an additional 31%, on condition of the Israeli Ministry of Communications and the shareholders agree to the further acquisition.
’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.’ – said Gellért Jászai, Chairman of 4iG Group, regarding the announcement. ’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.’ – added Gellért Jászai.
Spacecom, listed on the Tel Aviv Stock Exchange, 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 cPlc. 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 twenty years from 2024. Spacecom acquisition also provides significant technological and business support for developing the Hungarian commercial satellite to replace AMOS 3.