The $68 million transaction has been on the drawing board since last year is now subject to the approval of the general assembly of Spacecom and the Israeli Ministry of Communication.

4iG president and CEO Gellért Jászai, said: “We look forward to working with Spacecom’s management, which will open up new business opportunities for both companies in the telecommunications and space industries.

“I am confident that the shareholders of Spacecom will also welcome us at the extraordinary general meeting of the Company. We want to be present in the company as a long-term professional investor, and we have a strong growth strategy in the field of telecommunications and space telecommunications. We will also dedicate an important role to Spacecom in the development and operation of the first Hungarian commercial satellite, to be launched by our subsidiary CarpathiaSat, in which we count on the company’s decades of experience, as well as the expertise of the employees working there.”

Spacecom CEO Dan Zajicek added: “This is an exciting, important and meaningful announcement. It’s a true testament for their trust in Spacecom, including implementing our strategic plans to evolve from being a provider of satellite capacity to a communication services provider offering managed services, end-to-end services, and provision of advanced solutions in the communication value chain such as turn-key projects, planning, deployment, and operation of satellite communication networks.

“4iG’s entrance, with its financial investment in the company, will significantly improve the company’s financials and is expected to add value to the company’s shareholders.”

Spacecom notes that completion of the transaction will potentially strengthen its operations in Central and Eastern and Europe and will enable additional synergies with companies within the 4iG Group.