[Via Satellite 08-19-13] Gilat Satellite Networks<\/b> has entered into a definitive agreement to sell its Spacenet<\/b> Inc.<\/b> subsidiary to Tulsa, Okla.-based SageNet<\/b>. The aggregate consideration for the sale is approximately $16 million, subject to certain post-closing adjustments and expenses.<\/p>\n
The sale of Spacenet, which currently operates as part of Gilat\u2019s Services Division, is expected to strengthen Gilat\u2019s strategic focus as a satellite communications technology company with commercial and defense products and solutions for Internet access and on-the-move applications.<\/p>\n
Spacenet is expected to become a major customer for Gilat and to continue to offer services based on Gilat\u2019s products as part of the expanded organization\u2019s solutions portfolio. Spacenet customers should continue to receive the same quality of service to which they have become accustomed.<\/p>\n
The transaction is subject to regulatory approval and the satisfaction of customary closing conditions and is expected to be completed within the next three months. The transaction is expected to result in a capital loss of $1 million to $3 million, which includes banker\u2019s fees, legal fees and other transaction related expenses.<\/p>\n
In fiscal 2012, Spacenet\u2019s business generated revenue of approximately $77 million, approximately $2 million operating loss and EBITDA of approximately $2 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
[Via Satellite 08-19-13] Gilat Satellite Networks has entered into a definitive agreement to sell its Spacenet Inc. subsidiary to Tulsa, Okla.-based SageNet. The aggregate consideration for the sale is approximately $16 million, subject to certain post-closing adjustments and expenses. The sale of Spacenet, which currently operates as part of Gilat\u2019s Services Division, is expected to strengthen Gilat\u2019s strategic focus as a […]<\/p>\n","protected":false},"author":1,"featured_media":80352,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-80351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/80351"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=80351"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/80351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/80352"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=80351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=80351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=80351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}