Gilat Satellite Networks Ltd. said June 23 that Bank Hapoalim entered into an agreement for the assignment of its loan and the option for the sale of a portion of its shares in Gilat.
Under the terms of the agreement, Bank Hapoalim will sell to York Capital Management, a New York-based investment fund, its rights and interest in the outstanding loan to Gilat in the amount of $71.4 million and an option to purchase about one third of its 3.3 million shares in Gilat.
In a separate agreement, Bank Hapoalim agreed to sell an additional 1.25 million shares to Mivtach Shamir Finance Ltd.
Gilat said the agreements are subject to regulatory approvals.
