The sale of Spacenet, which currently operates as part of Gilat’s Services Division, is expected to strengthen Gilat’s strategic focus as a satellite communications technology company with innovative commercial and defense products and solutions for internet access and on-the-move applications.Īs a long-term operator of Gilat products and solutions and with over 20 networks and over 100,000 VSATs currently supported, post-closing, Spacenet is expected to become a major customer for Gilat and to continue to offer services based on Gilat’s products as part of the expanded organization’s solutions portfolio. Upon closing of the transaction, Gilat’s management objectives for 2013 will be updated accordingly.
In fiscal 2012, Spacenet’s business generated revenue of approximately $77 million, approximately $2 million operating loss and EBITDA of approximately $2 million.
The transaction is expected to result in a capital loss of $1 million to $3 million, which includes banker’s fees, legal fees and other transaction related expenses. The transaction is subject to regulatory approval and the satisfaction of customary closing conditions and is expected to be completed within the next three (3) months. The aggregate consideration for the sale is approximately $16 million, subject to certain post-closing adjustments and expenses. subsidiary to Tulsa, Oklahoma-based SageNet. (NASDAQ: GILT), a worldwide leader in satellite networking technology, solutions and services, today announced that it has entered into a definitive agreement to sell its Spacenet Inc. Petah Tikva, Israel, 19th August 2013 – Gilat Satellite Networks Ltd. Managed Services Provider SageNet to Acquire Spacenet Gilat Announces Sale of Spacenet Subsidiary
0 kommentar(er)
