Cisneros Makes Investment in AST&Science to Support its New Transformative Space Technologies
MIAMI--(BUSINESS WIRE)--Jul 5, 2018--AST&Science today announced it has received a significant equity investment from Cisneros.
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Adriana Cisneros, CEO, Cisneros. (Photo: Business Wire)
According to AST&Science CEO and Chairman Abel Avellan, the Cisneros investment will accelerate development and deployment of the company’s innovative patented low-Earth-orbit (LEO) satellite technology.
AST&Science is a technology company founded by well-known space industry entrepreneur Abel Avellan, who started EMC and turned it into the world’s fastest-growing satellite service provider, then sold it for $550 million in 2016. Avellan’s latest venture will use AST&Science’s patented technology to transform the way LEO satellites are designed, manufactured, launched and used in space to enable a broad range of commercial and defense applications.
Founded in 1929, Cisneros is a global enterprise with four primary areas of focus: media and entertainment, digital advertising solutions, real estate and social leadership. Cisneros Media produces content in 12 languages that is distributed in over 100 countries, reaching over half a billion people globally. Cisneros also operates the leading digital mobile, online and audio ad network serving the U.S. Hispanic and Latin American markets.
“Cisneros’ deep and broad experience in media and telecoms, which includes the launching of DirectTV in Latin America, will provide a very valuable perspective as we prepare to launch our space technologies to market,” said Avellan.
“Creating new transformative ideas and building a better world is our passion at Cisneros. Expanding frontiers and transforming our present into a bright future through social leadership is our vision,” said Adriana Cisneros, CEO of Cisneros. “Investing in AST&Science fits perfectly within our focus as a company. At Cisneros we thrive at building global businesses. Through AST&Science we will help to create market disruption through the use of satellites once again.”
Earlier this year, AST&Science acquired a controlling interest in the European satellite company NanoAvionics. The company is also investing $25 million to build an additional manufacturing facility in the United States for high-volume production of its ultra-small satellites, called Microns.
LionTree Advisors acted as exclusive financial advisor to AST&Science in the transaction.
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Avellan Space Technology & Science (AST&Science) is a designer and manufacturer of miniature satellites for low-Earth orbit (LEO). The company was founded by satellite industry pioneer and inventor Abel Avellan, a 25-year veteran in the global satellite communications sector. He was the founder and CEO of EMC until it was sold for $550 million in 2016. Avellan was named Satellite Teleport Executive of the Year in 2017 and was the recipient of the Satellite Transaction of the Year award by Euroconsult in 2015. Avellan is also co-inventor of 18 U.S. patented technologies. For more information, visit www.ast-science.com.
Cisneros is a privately held company based in Miami. Cisneros has three main divisions: Cisneros Media, Cisneros Real Estate and Cisneros Interactive. Through these divisions, Cisneros owns or holds interests in more than 30 companies that serve millions of customers in over 100 countries. Through its diverse businesses and partnerships, the company delivers some of the most recognized brands and highest quality services to the 550 million Spanish- and Portuguese-speaking consumers in the Americas and Europe. For more information, visit www.cisneros.com.
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CONTACT: For AST&Science:
Rhodes Communications, Inc.
Jim Rhodes, +1 757-451-0602
Andrea Moya, +1 305-913-7106
Llorente & Cuenca
Emigdio Rojas, +1 917-421-0474
Cristina Montes, +57 315-700-7326
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: TECHNOLOGY SATELLITE MANUFACTURING AEROSPACE PROFESSIONAL SERVICES FINANCE OTHER SCIENCE SCIENCE
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PUB: 07/05/2018 09:14 AM/DISC: 07/05/2018 09:13 AM