Buyout groups offer US$475m for Gilat

Israel-based Gilat Satellite Networks Ltd is to be acquired by a consortium of private equity firms comprising The Gores Group, Mivtach Shamir Holdings, DGB Investments and subsidiaries affiliated with Roy Ben-Yami, Ami Lustig and Eytan Stibbe for US$475m. The bidders have offered US$11.40 a share for the US-listed shares, a proposal which has been recommended by the board of the company. UBS is advising Gilat.

Gilat is a provider of products and services for satellite-based communications networks, headquartered in Petach Tikva. Its satellite-driven telephony and broadband services offer communications services in Latin America. In 2007, the company generated revenues of US$282.6.

Gores Group is a Los Angeles-based private equity group investing alongside Israeli investment company Mivtach Shamir Holdings and DGB, another Californian investment firm. Roy Ben-Yami, Ami Lustig and Eytan Stibbe are the private shareholders of the LR Group.