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Beijing Xinwei, Spacecom acquisition talks remain frozen
April 27, 2017 / 7:38 AM / 5 months ago

Beijing Xinwei, Spacecom acquisition talks remain frozen

JERUSALEM, April 27 (Reuters) - Acquisition talks between Beijing Xinwei Technology Group and Israeli satellite operator Space Communications remain frozen, a senior Spacecom official was quoted as saying.

“At the moment there are no talks with Xinwei,” Jacob Keret, Spacecom’s senior vice president for sales and marketing for Europe, North Africa and the Middle East, told SpaceNews.

“The shareholders are still looking for a buyer. This has been done for the last three years. It doesn’t affect us on a daily basis as a company. We get used to this uncertainty.”

A Spacecom spokesman confirmed Keret’s comments.

Last August Beijing Xinwei said it sought to buy Spacecom for $285 million, which was conditional on the successful launch of the Amos-6 satellite. Amos-6 was destroyed two days before its scheduled launch in an accident and the price of the deal was lowered to $190 million.

Spacecom in January said no discussions have been held in a while and the two sides remain divided over several fundamental issues, but that other entities have expressed interest in the company. (Reporting by Steven Scheer; Editing by Tova Cohen)

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