[Satellite TODAY 08-12-10] Gilat Satellite Networks won a $20 million settlement to a lawsuit it filed against Mivtach Shamir Holdings, LR Group, Gores Capital Partners and DGB Investments in April 2008 after a merger agreement between the entities fell through, Gilat announced Aug. 20.
    Gilat entered a merger agreement with the defendants in March 2008 that guaranteed a termination fee payment to Gilat if the defendants backed out of the deal. The terms of the settlement will see the four companies pay Gilat about $10 million by October and another $10 million in annual installments through 2013.
    The settlement was announced as part of Gilat’s 2010 second quarter financial results, which showed company revenues falling to $51.8 million from $56 million for the corresponding quarter of 2009, and net losses widening to $1.3 million from $1.2 million in 2009.
    Gilat Chairman and CEO Amiram Levinberg said the company is cautiously optimistic for the second half of 2010. “The second quarter was highlighted by the completion of our acquisition of RaySat Antenna Systems and the signing of a definitive agreement to acquire the antenna research and design center in Bulgaria. These acquisitions are part of our focus on the defense and military markets. … We were able to increase our cash, and our bookings grew sequentially compared with the first quarter of 2010 and with the comparable quarter of 2009.”