FIMI sells part of Gilat stake
FIMI Opportunity Funds, the largest shareholder in Gilat Satellite Networks, has reduced its holding to 26.8%.
Following the steep rise in the share price of Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) since the beginning of the year, the company s largest shareholder, private equity firm FIMI Opportunity Funds, has taken advantage of the opportunity to sell part of its holding. Last week, the firm, headed by Ishay Davidi, sold Gilat shares for $58.5 million, reducing its stake in the company to 26.8%. The deal was at a price of $15 per share. Although the share price was somewhat higher a few days previously, at $21.3, the sale nevertheless yields FIMI Opportunity Funds a very respectable profit, as it bought the shares at just $4.33.
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Gilat Launches Next Generation VSAT Family Supporting 5G Networks and LEO/MEO Constellations
Gilat Satellite Networks Ltd.February 18, 2021 GMT
PETAH TIKVA, Israel, Feb. 18, 2021 (GLOBE NEWSWIRE) Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today the launch of its next generation family of VSATs, Aquarius, supporting 5G networks and LEO/MEO constellations. The ultra-high-performance, multi-orbit VSATs provide over 2 Gigabits per second of concurrent speeds and support seamless satellite handover.
As 5G networks are deployed and customer demands continue to exponentially grow, Gilat’s Aquarius VSATs are designed to serve, with maximum efficiency, data and media intensive applications such as cellular 5G backhauling, maritime and enterprise. The VSATs exhibit ultra-high processing capabili
Gilat CEO explains 250% jump in company s share price
Adi Sfadia discusses the remarkable change of fortunes at the Israeli satellite communications company since the sale to Comtech was cancelled.
When Adi Sfadia became Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) CEO last July, the Israeli company was in crisis. Revenue had been hit hard by the Covid-19 crisis and Comtech, which had agreed to buy the company for $577 million, was showing signs of regret.
Ultimately, the acquisition was cancelled and Gilat s financial results in the first nine months of 2020 were not very encouraging. But now Gilat s position has undergone a transformation, at least in terms of the capital market. The company s share price has risen 256%, to a level not seen in more than a decade, and its market cap has reached $1.2 billion.