SatixFy $813 million combination with Endurance Acquisition

Davis Polk is advising SatixFy Communications Ltd. on its combination with Endurance Acquisition Corp., a SPAC, that implies a pro forma implied equity value of the combined company at approximately $813 million. This transaction along with a recently completed capital raise will result in up to $350 million in gross proceeds assuming no trust redemptions, including a $29 million PIPE with participation from key institutional investors including Sensegain Group and Antarctica Capital, and a committed equity facility of up to $75 million from CF Principal Investments LLC, an affiliate of Cantor Fitzgerald. The transaction has been unanimously approved by the board of directors of Endurance, as well as the board of directors of SatixFy, and is subject to the satisfaction of customary closing conditions, including the approval of the stockholders of Endurance.

SatixFy is a leading provider of satellite and quasi-satellite communication technology that reduces the cost, size, weight, power and increases performance of user-terminals, payloads and gateway equipment, as well as the cost of the air-time of the satellite capacity. Endurance is a special purpose acquisition company formed by an affiliate of Antarctica Capital, an international private equity firm with $2 billion of assets under management, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

The Davis Polk corporate team includes partners Michael Kaplan, Brian Wolfe and Lee Hochbaum, counsel Jake Tyshow and associates W. Soren Kreider IV, Allison N. First, Robert MacKenzie and Ryan Olson. The tax team includes partner David H. Schnabel. The intellectual property and technology transactions team includes partner Frank J. Azzopardi. All members of the Davis Polk team are based in the New York office.