Spacecom shares sale to 4iG wraps
September 30, 2022
By Chris Forrester
Budapest-based 4iG has completed its purchase of 20 percent of Israeli satellite operator Space Communications Ltd (Spacecom) which operates the Amos fleet of satellites.
“By Spacecom’s public and private share issue, the Hungarian info-communication company group can acquire a 20 per cent stake in the company. In the next three years, it can be increased by a further 31 per cent, subject to approval by the Israeli Government and shareholders,” states a joint release.
“Global operating Spacecom acquisition represents a significant expansion of competence for 4iG; the group can become leading service provider in all areas of data transmission,” says 4iG.
With Spacecom, the Hungarian commercial satellite project CarpathiaSat can switch to a higher gear, and this acquisition provides a significant technological business and space industry knowledge base, 4iG added.
“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 digitalisation and telecommunications,” said Gellért Jászai, Chairman of 4iG Group.
“Spacecom’s know-how and experience greatly support the launch of the first Hungarian commercial satellite, which may take place within four to five years, thanks to the technology and knowledge transfers created in connection with this cooperation,” added 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 frequencies 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 into geostationary orbit. In addition, CarpathiaSat owns the right to operate Hungary’s orbit for twenty years from 2024. The Spacecom acquisition also provides significant technological and business support for developing the Hungarian commercial satellite to replace AMOS 3.
Budapest-based 4iG plc is Hungary’s leading IT systems integrator with significant interests in the Hungarian and regional telecommunications markets. The company has been active in the market for innovative, industry-independent IT technologies for more than 27 years. The company is continuously expanding its services and portfolio to meet the changing needs and demands of the ICT market. The Group employs approximately 6,000 people. 4iG is a broad-spectrum solutions provider with significant interest in IT, telecommunications, satellite telecommunications, and infrastructure development. The company, listed on the Budapest Stock Exchange, aims to build a strong market position across a wide range of info-communication services in Hungary and the Central-Eastern European and Western Balkan regions.