Bird & Bird has advised Shanghai listed Beijing Xinwei Technology Group Co., Ltd. ("Xinwei") on its acquisition of the full share capital of Space - Communication Ltd.("Spacecom"), for a consideration of US$285 million.
Spacecom, an Israeli global fixed satellites operator listed on the Tel Aviv Stock Exchange, operates the Amos Satellites fleet, currently consisting of three satellites; Amos-2, Amos 3 and Amos-4. Spacecom provides broadcasting and communications services through the marketing of space segments on its Satellite fleet to DTH operators, TV broadcasters and programmers, government and corporate organizations, among them the Israeli government and VSAT network operators.
Xinwei, a Chinese conglomerate with global operations providing solutions to telecom providers, is active in the cellular communication field, equipment sales, and communication satellites.
The deal was signed on 24 August 2016. Upon completion of the transaction, which included the need for approvals from Israeli government and non-objection from US government, Spacecom's shares will be delisted from the Tel Aviv Stock Exchange with it being converted to a private company, fully owned by Xinwei.
The deal was led by Beijing partners John Shi and Shan Lai with assistance from associate Cindy Chen. They were assisted by Bird & Bird's London team led by satellite specialist and partner Joanne Wheeler, supported by associates Adriano Ros and Astrid de Longvilliers. Anti-trust matters were handled by Bird & Bird's Brussels team led by partner Anne Federle and supported by associate Mathieu Relange. Xinwei was advised by S. Friedman & Co. on Israeli law aspects of the deal.
John Shi, corporate partner in Bird & Bird's Beijing office says: "This is another significant transaction for our China-based team in a sector in which we have significant global expertise. We were pleased to support Xinwei on this high profile acquisition and look forward to working with them on future transactions."
