Suitors revise Spacecom bids
March 3, 2014
By Colin Mann
Two interested parties have revised their bids for Israeli satellite operator Space Communication, according to Haaretz, which names Spain’s Hispasat and Hong Kong’s Asia Satellite Telecommunications as those involved.
A person close to Shaul Elovitch’s Eurocom group, which controls Space Communication, said there were four or five revised bids but gave no details.
Spacecom – which operates the Amos fleet of satellites mainly serving the Israeli market – advised the Tel Aviv Stock Exchange that it was open to offers for a sale – or merger – of its satellite company, and hired banker JPMorgan to advise on any possible deals. Elovitch is understood to be seeking 2 billion shekels (€508m). Sources say the bids submitted are between 1.4 billion and 1.6 billion shekels.
Private equity investment group Apax Partners is reported to have dropped out of the bidding, balking at Eurocom’s valuation, with Intelsat, also dropping out.