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Private equity consortium to acquire Gilat Satellite Networks for $475m31/03/2008. Source: AltAssets. 
 A consortium of private equity investors including The Gores Group, Israel-based investment company Mivtach Shamir Holdings, DGB Investments and companies affiliated with Roy Ben-Yami, Ami Lustig and Eytan Stibbe has agreed to acquire Israeli satellite communications services business Gilat Satellite Networks for approximately $475m.
Gilat provides products and services for satellite-based communications networks. The company has 16 sales and service offices worldwide.
Under the terms of the agreement, Gilat shareholders will receive $11.40 per share, representing a premium of 38 per cent over the company's average closing share price during the 30 trading days ended 25 April 2007, the day in which Mivtach Shamir Holdings issued a formal offer to the board of directors of Gilat to purchase 100 per cent of the company's shares, according to a statement.
The Gilat board of directors has recommended that company shareholders vote in favour of the transaction.
Rod Sherwood, CFO, The Gores Group, said, 'We will be working closely with the Gilat team to help drive strategic growth, including in the government defence sector in the United States and international markets.'
Roy Ben-Yami, Ami Lustig and Eytan Stibbe are the shareholders of the LR Group, and have interests in fields including telecommunications, real estate, aviation industry and healthcare.
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