SatixFy’s $813 Million Combination With Endurance Acquisition

Davis Polk and Gross & Co. advised SatixFy Communications Ltd. on the deal. Appleby and Morrison & Foerster acted for Endurance Acquisition Corp. Latham & Watkins represented Francisco Partners on a financing for SatixFy in connection with the SPAC transaction.

SatixFy Communications Ltd. executed 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.

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses.

The Davis Polk corporate team included partners Michael Kaplan (Picture), 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 included partner David H. Schnabel. The intellectual property and technology transactions team included partner Frank J. Azzopardi. 

The Appleby team advising Endurance Acquisition Corp. was led by Hong Kong managing partner David Bulley and Cayman-based counsel Dean Bennett, assisted by associate Alejandra Gonzalez Saucedo.

The Gross & Co. team was led by Rick Mann, Perry Wildes, Craig Rubin and Shelly Barad Levy, Oren Biran, Shay Fahima and Ella Tevet.

The Latham transactional team was led by Bay Area partner Haim Zaltzman, Los Angeles/San Francisco partner Elizabeth Oh, London partner Karan Chopra, and Orange County partner Drew Capurro, with Bay Area associates Trevor Church and Anna Tomlinson and London associates Catriona Severns, Chen Yang Sia, and Annabel Cawood. Advice was also provided on tax matters by Bay Area partner Katharine Moir and London partner Karl Mah, with Bay Area associate Derek Gumm and London associate Edward Moberly; on certain derivative matters by New York partner Reza Mojtabaee-Zamani; and on regulatory matters by Century City partner Julie Crisp.

The MoFo team advising Endurance Acquisition Corp. is being led by corporate partners Larry Medvinsky, David Slotkin, and Aly El Hamamsy. The wider team includes New York tax partners Anthony Carbone and Dave Sturgeon, Washington, D.C. corporate partner Andy Campbell, Tokyo technology transactions partner Seth Graham, San Francisco executive compensation partner Amanda Hines Gold, Washington, D.C. antitrust partner Alex Okuliar, Washington, D.C. national security partner Charles Capito, Washington, D.C. employment and labor partner Andrew Turnbull, London employment and labor partner Annabel Gillham, London corporate partner Stuart Alford, London tax partner Trevor James, and London litigation partner Gareth Rees.

Involved fees earner: Dean Bennett – Appleby; David Bulley – Appleby; Alejandra Gonzalez Saucedo – Appleby; Frank Azzopardi – Davis Polk & Wardwell; Allison First – Davis Polk & Wardwell; Lee Hochbaum – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Soren Kreider – Davis Polk & Wardwell; Robert MacKenzie – Davis Polk & Wardwell; Ryan Olson – Davis Polk & Wardwell; David Schnabel – Davis Polk & Wardwell; Jake Tyshow – Davis Polk & Wardwell; Brian Wolfe – Davis Polk & Wardwell; Shelly Barad – Gross Kleinhendler Hodak Halevy Greenberg Shenhav & Co; Oren Biran – Gross Kleinhendler Hodak Halevy Greenberg Shenhav & Co; Shay Fahima – Gross Kleinhendler Hodak Halevy Greenberg Shenhav & Co; Richard Mann – Gross Kleinhendler Hodak Halevy Greenberg Shenhav & Co; Craig Rubin – Gross Kleinhendler Hodak Halevy Greenberg Shenhav & Co; Ella Tevet – Gross Kleinhendler Hodak Halevy Greenberg Shenhav & Co; Perry Wildes – Gross Kleinhendler Hodak Halevy Greenberg Shenhav & Co; Drew Capurro – Latham & Watkins; Annabel Cawood – Latham & Watkins; Karan Chopra – Latham & Watkins; Trevor Church – Latham & Watkins; Julie Crisp – Latham & Watkins; Derek Gumm – Latham & Watkins; Karl Mah – Latham & Watkins; Edward Moberly – Latham & Watkins; Katharine Moir – Latham & Watkins; Reza Mojtabaee-Zamani – Latham & Watkins; Elizabeth Oh – Latham & Watkins; Catriona Severns – Latham & Watkins; Chen Yang Sia – Latham & Watkins; Haim Zaltzman – Latham & Watkins; Stuart Alford – Morrison & Foerster; Andrew Campbell – Morrison & Foerster; Charles Capito III – Morrison & Foerster; Anthony Carbone – Morrison & Foerster; Aly El Hamamsy – Morrison & Foerster; Annabel Gillham – Morrison & Foerster; Seth Graham – Morrison & Foerster; Amanda Hines Gold – Morrison & Foerster; Trevor James – Morrison & Foerster; Larry Medvinsky – Morrison & Foerster; Alexander Okuliar – Morrison & Foerster; Gareth Rees – Morrison & Foerster; David Slotkin – Morrison & Foerster; Dave Sturgeon – Morrison & Foerster; Andrew Turnbull – Morrison & Foerster;

Law Firms: Appleby; Davis Polk & Wardwell; Gross Kleinhendler Hodak Halevy Greenberg Shenhav & Co; Latham & Watkins; Morrison & Foerster;

Clients: Endurance Acquisition Corp.; Francisco Partners; SatixFy Communications;