Israeli mobile operator Partner Communications has entered into a definitive share purchase agreement with Ampal-American Israel Corporation for the latter’s outstanding holding in 012 Smile Communications.
012 Smile bought nearly a third of dominant…
Israeli mobile operator Partner Communications has entered into a definitive share purchase agreement with Ampal-American Israel Corporation for the latter’s outstanding holding in 012 Smile Communications.
012 Smile bought nearly a third of dominant local telecoms operator Bezeq for NIS6.5bn (E1.3bn) in October 2009. 012 Smile is a business-user focused VoIP operator
Ampal will sell the entire stake in 012 Smile which is currently held through its wholly owned subsidiary Merhav-Ampal for around NIS692m (E139m), of which NIS42m (E8.4m) will be paid by way of 012 Smile assigning payments due from a third party.
Partner will also assume approximately NIS800m (E160.5m) of long-term debt making the total value of the deal including both cash and debt NIS1.49bn (E300m). The sale is expected to close in the next two to three months, although it is subject to regulatory approval from both the Israeli Ministry of Communications and the country’s Antitrust Commissioner.
