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December 5, 2016 / 5 Kislev, 5777

Posts Tagged ‘company’

Israeli Satellite Company Sold to Chinese for $285 Million

Saturday, August 27th, 2016

Beijing Xinwei Technology Group is buying Israeli Spacecom Satellite Communications Ltd for $285 million, both companies announced last week. Spacecom operates the Amos-2, Amos-3 and Amos-4 communications satellites and is owned by Eurocom Group, which is controlled, in turn, by Shaul Elovitch, controlling shareholder of Bezeq Israeli Telecommunication.

According to a press release statement, Beijing Xinwei Technology Group is buying Spacecom and will integrate it into an existing Luxembourg company called Luxembourg Space Telecommunication S.A., which will be the legal purchaser of Spacecom. After the acquisition is complete, Spacecom will become a private company, but its debentures will continue to be traded on the Tel Aviv Stock Exchange.

The merger requires shareholder and regulatory approval before it can be finalized. According to Space News, the transaction’s terms are pending the successful entry into service of Spacecom’s Amos-6 telecommunications satellite, built by Israel Aerospace Industries and scheduled for launch Sept. 3 aboard a SpaceX Falcon 9 rocket.

The price being paid is a 30% premium on the share’s market price, according to Globes. The deal reflects a premium of 41 percent to Spacecom’s average stock price in the past month, according to Reuters.

Spacecom Chief Executive David Pollack said in a statement that the “global market of communication satellites is undergoing a consolidation process, enabling the merging companies to improve their competitiveness,” and so “further to contacts with various entities, the negotiations with the Beijing Xinwei Group matured into this transaction, reflecting a substantial premium on the market price.”

Pollack noted that “Beijing Xinwei is a strategic partner, expert in the field of telecommunication, planning to expand its business in the communication satellites field. The merger will provide the Company with financial strength, and will enable further development and growth. The transaction is performed in accordance with Space Communication’s license terms, stipulating, inter alia, that the satellites will be operated from Israel, and that the Company shall remain an Israeli company, regardless of the identity of the shareholders of the Company.”

JNi.Media

Report: Government Supports Electric Company Blackouts over PA Debt

Monday, August 8th, 2016

According to an Army Radio report, the Israeli government has altered its position on permitting the Israel Electric Company to halt service to various Arab cities in Judea and Samaria for lack of payment of an accrued debt reaching $450 million. The money is owed by the Jerusalem District Electricity Company (JDECO) and the Palestinian Authority. A few months ago, the IEC began a selective disconnection for a few days at a time of individual Arab cities, the PA appealed to the Israeli Supreme Court and the court placed an injunction on the practice pending a hearing.

The state has now responded to the PA cities’ petition,with a supporting statement by deputy head of the Israeli National Security Council Jacob Nagel, saying that while the government has the authority to order the IEC to continue providing electricity regardless of the Arabs’ huge debt, it also has the authority to approve of the blackouts as a means of encouraging payment, and as of now the concerned entities, including the political echelon, have decided to let the IEC do as it pleases to recoup the debt.

This marks a 180 degree change in Israel’s traditional policy which preferred to spend Israeli taxpayers’ money to pay for the PA deadbeats, to prevent a global protest of how the Israelis are depriving the Palestinians of electricity. In fact, it was the current head of Mossad, Yossi Cohen, who, back when he was head of the NSC, joined with then Defense Minister Moshe Ya’alon and the Coordinator of Government Activities in the Territories (COGAT) to compel the IEC to bite the bullet and continue to provide free electricity to the PA.

This, according to the Army Radio report Monday, is no longer the government’s position. The Supreme Court injunction will remain in place for the time being, but once there is a hearing, the court would have to abide by the opinion of the sovereign government and permit the IEC to do what it takes to collect from its PA customers.

It could mean those PA folks would be stuck without their Internet connection and the world would be spared many gigabytes of incitement.

David Israel

Chinese Consortium to Buy Israeli Games Company Playtika for $4.4 Billion

Sunday, July 31st, 2016

A consortium including an affiliate of Shanghai Giant Network Technology Co., one of China’s largest online games companies, announced on Saturday that it has entered into a definitive agreement with Caesars Interactive Entertainment to acquire CIE’s social and mobile games business Playtika in an all-cash deal for $4.4 billion.

Playtika, co-founded in 2010 by CEO Robert Antokol, pioneered free-to-play games on social networks and mobile platforms. It is the creator of such popular titles as Slotomania, House of Fun and Bingo Blitz, which rank among the top-grossing games on Apple’s App Store, Google Play and Facebook. Playtika’s games are played daily by more than 6 million people in 190 countries, in 12 languages and on more than 10 platforms. Through its core technology and expertise in big data, analytics, and M&A, Playtika has successfully developed a scalable platform that is primed for future international expansion. Playtika is headquartered in Herzliya, Israel, with offices in Argentina, Australia, Belarus, Canada, Japan, Romania, Ukraine and the US.

The Consortium includes Giant Investment (HK) Limited; Yunfeng Capital, a private equity firm founded by Alibaba Group Holding Ltd. founder Jack Ma; China Oceanwide Holdings Group Co., Ltd.; China Minsheng Trust Co., Ltd.; CDH China HF Holdings Company Limited; and Hony Capital Fund.

Following the transaction Playtika will continue to run independently with its headquarters remaining in Herzliya, Israel, and its existing management team will continue to run day-to-day operations.

“This transaction is a testament to Playtika’s unique culture and the innovative spirit of our employees who for the past six years have consistently designed, produced and operated some of the most compelling, immersive and creative social games in the world,” said Antokol. “We are incredibly excited by the commercial opportunities the Consortium will make available to us, particularly in its ability to provide us access to large and rapidly growing emerging markets. This is an amazing milestone for all Playtikans and we truly value how unique this opportunity is to continue executing our vision with such a strong partner.”

“Playtika’s growth has been exceptional, and highlights its outstanding team, excellent corporate culture, cutting-edge big data analytics, and its unique ability to transform and grow games,” said Giant’s founder and Chairman Shi Yuzhu. “We are looking forward to Playtika continuing to innovate and excel.”

“It has been a particularly rewarding experience growing Playtika from a 10-person start-up, when CIE acquired them in 2011, into a global leader,” said Caesars Interactive Entertainment Chairman and CEO, Mitch Garber. “Playtika today is a highly profitable growth company with more than 1,300 employees, multiple top grossing titles and millions of daily users. Robert is a true visionary and Israeli business leader who has created not only a great business, but also the most unique corporate culture I have seen in my career.”

The transaction is subject to customary regulatory approvals and other closing conditions, and is expected to close in the third or fourth calendar quarter of 2016.

CIE’s World Series of Poker and real-money online gaming businesses will not be included in the transaction, and the virtual currency used on the Playtika platform will continue not to be exchangeable for real money.

JNi.Media

Games Galore: Manhattan Toy Company

Friday, July 22nd, 2016

Jodie Maoz

Family of Bezeq Terrorist’s Victim Suing Company [video]

Thursday, May 26th, 2016

About half a year after the ramming and stabbing murder of Rabbi Isaiah Krishevsky by an Arab employee of the telecommunications company Bezeq on Malchei Israel Street in Jerusalem, on Wednesday the victim’s son filed a million dollar lawsuit against the company, which owned the car the terrorist used to perpetrate the murder, Kikar Hashabbat reported.

The plaintiff argues that Bezeq is responsible for the murder, because one year before the attack its employee was interviewed by the news website Ynet and praised his cousins who had committed the massacre of Jews at the B’nei Torah synagogue in Har Nof, Jerusalem. The Bezeq employee also called on Arabs to carry out similar attacks.

The plaintiff says Bezeq was obligated to fire its employee following the interview, and that in any event keeping him on the company payroll constitutes a default on the part of the company.

According to Bezeq, they were not aware of their employee’s interview, and so did not have a reasonable means of anticipating his behavior.

David Israel

Pres. Rivlin Launches Joint Project to Integrate Israeli Arabs into Private Business Sector

Sunday, February 8th, 2015

President Reuven Rivlin launched a joint project Sunday evening with Collective Impact, a group working to increase employment among Israeli Arabs, to integrate the population into the private sector.

CEOs and employers involved with the group met with Rivlin at the President’s Resident to discuss the project.

“The Arab public with all its diversity today makes up more than 20 percent of the general population and more than a quarter of children in first grade,” Rivlin pointed out.

“One may like it, one may fear it, but one cannot ignore it. This is a community, part and parcel of this land, for whom this land is their homeland.

Sadly, too few Israeli Jews are familiar with the Arab society, beyond assumptions of stereotype.  Therefore, there exists a significant gap, created over the years, between the two societies which live side by side, together – yet blind to one another.  Over this divide, this gap, we must build a bridge, step by step.  The mission to build a bridge, and a basis for a sense of cooperation between the Jewish and Arab communities, is for me a humanitarian, Jewish, Zionist, and national mission of the very highest priority,” he added. 

Rivlin pointed out that the project to integrate Israeli Arab workers into the private business sector could go a long way towards ending social gaps and perhaps some security issues as well. There would be no guarantees — but also every opportunity possible to succeed.

“The success of our journey may alter our long-term reality, yet its failure may lead to pain and distress,” he said. “We do not have the privilege to fail, nor to give up.  Good-will alone will not suffice. 

“One thing that I can assure you – as long as you stand by your commitment to this mission, I will be here with you and for you, and my door will always be open to you.  We are partners in this national mission which you have taken upon yourselves.  We are partners on this journey which is our duty to our children, for us all, each and every one of us.”
 
Among the companies that participated in the study that launched the project were The Strauss Group, Amdocs, Fattal, Check Point, Herzog-Fox-Ne’eman; Shikun&Binui; Teva Pharmaceuticals; HP; Migdal; Matrix and others. Ofra Strauss, chairwoman of the Strauss Group, Ilan Birnfeld, CEO of Deloitte, Shai Levy, CEO of Amdocs and Imad Telhami, CEO of Babcom were present at Sunday night’s meeting, along with a number of others as well.

Jewish Press Staff

Israeli GetTaxi Launches New York Limo Service

Friday, August 9th, 2013

Israelis and taxis in New York — not exactly news, except that this story is not about Israelis driving taxis, but offering a hi-tech solution to taxi-starved New Yorkers.

On Thursday, GetTaxi Ltd. announced the launching of its new taxi hailing app in New York City, after many delays, partly due to resistance from the taxi union and the Taxi and Limousine Commission. The company now serves busy urbanites in London, Moscow, Tel Aviv and New York, Globes reports.

“We realized that we might not be necessary,” says GetTaxi VP marketing Nimrod May. “It’s easy to hail a cab in Manhattan. You stand at the curb and hundreds of cabs are driving around to pick you up. In contrast, at rush hour, when you need a cab, it’s hard to find one. This is where we enter the picture.”

Smart man. Anyone who spent quality time fighting over a cab at a Manhattan street corner should grab the new app.

GetTaxi, which was banned from using the noun Taxi in NYC, will operate under a special label, “G-Car,” offering a reservation service for limousines in collaboration with the city’s current fleet operators.

“When we founded the company, we dreamed of offering our users an app that would work in every territory and in every language in the world, and we’re pleased to see our vision materializing. We’re pleased to bring GetTaxi’s innovative technology and good, convenient, and state-of-the-art user experience to the residents of and many visitors to New York,” GetTaxi cofounder and CEO Shahar Waiser told Globes.

Jewish Press News Briefs

Printed from: http://www.jewishpress.com/news/breaking-news/israeli-gettaxi-launches-new-york-limo-service/2013/08/09/

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