Israeli Satellite Operator Spacecom on the Selling Block Again

Company looking to sell after writing-off Amos 5 satellite as a 'total loss.'

Spacecom – operator of Israel’s Amos communication satellites – seems to be on the selling block again, Bloomberg reported on Tuesday. Two years ago the company put itself up for sale at a price of  2 billion shekels ($700 million), double its market value on the Tel Aviv Stock Exchange at the time. But all the offers fell through, and no sale  was ever made.  

Now it seems Spacecom’s controlling shareholder, Shaul Elovitch’s Eurocom Group, which holds a 64.5% stake in the company, is interested in selling once again. Elovitch also is the controlling shareholder of Bezeq. Talks are still  in a preliminary stage and no deal may be reached this time either, said Bloomberg.

Spacecom has been in the news in the past few weeks after it lost contact with its Amos 5 satellite a month ago, and wound up writing it off as a "total loss" last week. The cost of the $160 million to  $190 million satellite seems to be  covered by insurance, but not all the lost revenues.  

Spacecom declined to comment on the report.