Gilat Unloads Health Unit for $24 Million in Cash

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Gilat Satellite Networks Ltd. of Israel said Aug. 17 that it will receive $24 million in cash for its stake in Axolotl, a health information technology firm being acquired by Ingenix of Eden Prairie, Minn.

Gilat invested $4.5 million in Axolotl more than 10 years ago and wrote off the investment during the global economic downturn of 2000 and 2001.

Under the terms of the sale, Gilat said it will receive $24 million immediately and could receive an additional $3 million in a year.