Magyar Telekom extends contract with Spacecom

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Spacecom Satellite Communications Ltd. (TASE:SCC), which provides satellite telecommunications services via its Amos satellite fleet, will continued to provide satellite services to T-Home DTH (direct-to-home) service, a brand of Magyar Telekom, the main provider of telecommunications services in Hungary. The Hungarian company, which belongs to the Deutsche Telekom group, has signed a follow-on extension contract with Spacecom for services until the end of 2024.

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The T-Home DTH platform currently broadcasts over 160 channels throughout Hungary including over 30 in HD via the Amos fleet at the 4°W orbital position. As the country’s largest TV broadcasting service, it reaches over 33% of Hungarian households. Magyar Telekom launched the platform in 2008.

The contract for the extended period of service (24 months, is worth $9.7 million. The customer has, however, been given options enabling it to reduce the satellite capacity allocated to it. If it exercises these options, the contract will be worth $8.6 million. According to Spacecom, the orders backlog from the customer (including the current contract extension, assuming that the capacity is not reduced) totals $21.5 million.

The agreement with Magyar Telekom follows the extension of Spacecom’s agreement with the State of Israel, in a deal worth NIS 125 million, agreements with telecommunications carriers in Africa worth NIS 20 million, and other recent deals. Last month, Spacecom reported that it was negotiating with 4iG Plc., a Hungarian information technology and telecommunications company (Budapest Stock Market: 4iG Nyrt.), for the latter to take a majority 51% stake in it at a valuation of over NIS 400 million.

Published by Globes, Israel business news – en.globes.co.il – on July 5, 2021

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