VSAT service provider Gilat Satellite Networks agreed to sell the...
VSAT service provider Gilat Satellite Networks agreed to sell the company to a group of investors led by Mivtach Shamir Holdings for $475 million, the company said. Gilat shareholders will get $11.40 per share cash, a 38 percent premium…
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over the stock’s average closing price before Mivtach first made its offer. Other investors in the proposed sale include Gores Group and companies affiliated with Roy Ben- Yami, Ami Lustig and Eytan Stibbe and DGB Investments, Gilat said. Gilat’s board approved the agreement and the sale is expected to be completed by September, the company said. Gilat claims a 20.5 percent share of the VSAT market in the U.S. through its subsidiary Spacenet, which lists Dollar General, Goodyear and Kroger among its customers. It recently agreed to provide 1,964 VSAT terminals to Latin American CE retailer Grupo Electra.