SatixFy Communications, a provider of next- generation satellite communication systems based on in-house developed chipsets, and Endurance Acquisition announced today a merger agreement that implies a pro forma implied equity value of the combined company at approximately $813 million.
Terms call for SatixFy to receive approximately $201 million from Endurance’s trust account, assuming no redemptions, as well as a $29 million PIPE. Participants in the PIPE include Sensegain Group and Antarctica Capital, which sponsors Endurance. In addition, there is a committed equity facility of $75 million from CF Principal Investments, an affiliate of Cantor Fitzgerald. Prior to the merger announcement, SatixFy received a secured loan of $55 million from Francisco Partners.
SatixFy’s systems are designted to increase system performance and reduce the weight and power requirements of terminals, payloads and save real estate for gateway equipment. Read more.
