Gilat Satellite, which is 34 per cent owned by Israeli-based private equity firm FIMI Opportunity Funds, is reportedly being bought by “a large multinational”.

The acquiring company has not been named but the sum on the table is some Israeli Shekels 2 billion (about €520 million).

Israeli reports say the sale is being engineered by an overseas buyer. Shares in Gilat, quoted on the Tel Aviv stock exchange, rocketed 14 per cent to NIS 333.80 ($9.78) a 15 per cent premium on its closing price on January 17th and where there had been a 20 per cent rise during last week and have risen 34 per cent over the past 12 months.

Current ownership, besides FIMI includes Mivtach-Shamir Holdings (9.4 per cent), insurance company Phoenix (5.9 per cent), Call Insurance (5.4 per cent) and Harel Insurance (1.6 per cent).

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