Scailex and Suny Electronics, owners of Israeli mobile operator Partner Communications, have finally agreed to call off Hutchison Whampoa’s proposed acquisition of a 75% stake in Scailex, which owns 44.5% of Partner.
In August, Hutchison’s…
Scailex and Suny Electronics, owners of Israeli mobile operator Partner Communications, have finally agreed to call off Hutchison Whampoa’s proposed acquisition of a 75% stake in Scailex, which owns 44.5% of Partner.
In August, Hutchison’s subsidiaries Persall and Kelburgh had unilaterally cancelled the deal to buy 50% and 25% stakes respectively from Suny because of concerns over Partner’s financial performance in the second quarter.
As TelecomFinance reported in September, Scailex claimed in a letter to the Israeli Securities Authority and Tel Aviv Stock Exchange that “every single one” of Hutchison’s stated reasons for cancelling the agreement were invalid and, as such, the agreement was still binding.
However, yesterday Scailex released a statement to say it had signed “a letter of reciprocal waiver” with Persall and Kelburgh, releasing them “unconditionally and irrevocably” from the agreement.
As reported last month, Scailex is now in talks with Saban Capital Group regarding the potential sale of its stake in Partner.
Scailex would not comment on the progress of its talks with Saban today when contacted by TelecomFinance.
