4iG - Spacecom, 4iG shooting for the stars
Through its subsidiaries, HDT and CarpathiaSat, 4iG has entered into a preliminary agreement to acquire a controlling 51% stake in Space-Communication (Spacecom), a Tel Aviv-listed satellite operator, by way of a US$65m private placement. Spacecom owns and operates four geosynchronous satellites, with a regional footprint, including Hungary, via its AMOS-3 satellite. The acquisition of Spacecom is a logical step for 4iG as it establishes a vertically integrated IT services and telecoms business in Hungary (and regionally). Its JV, CarpathiaSat, has already secured the rights to operate geostationary satellites over Hungary for a period of 20 years from 2024. 4iG has not confirmed how it will fund its investment, but we note that it is expected to complete at a similar time to 4iG’s pending acquisition of DIGI Group. On a pro forma basis, these businesses look set to generate run-rate EBITDA of HUF88bn (c US$300m), unlocking substantial debt funding capacity for the enlarged group. Both DIGI Group and Spacecom are transformational deals for 4iG; we will update our estimates once the deals complete.4iG Nyrt. 4iG Nyrt, formerly Freesoft Szoftverfejleszto es Szamitatechnikai Szolgaltato Nyrt is a Hungary-based company engaged in providing software products and consultancy. The Company's activities include development and implementation of specific, custom-made software systems, document management, knowledge management, portal and collaboration applications, complex services for business needs in the areas of implementation, support and consultation, intranet- and Internet-based development, services, graphical and creative design, and consultation, design, development and implementation of mobile business applications, as well as operation, support, outsourcing, application service provision (ASP), application portfolio management (APM), hosting and other services. The Company has three subsidiaries: Axis Consuling 2000 Kft, BankSoft Kft and HUMANsoft Kft.
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