Israeli cable operator HOT’s shareholders have approved the acquisition of local cellco Mirs in a deal worth a total of NIS 950m (US$225m).
HOT will pay NIS 500m (US$134m) in cash and NIS 450m (US$121m) in future milestone payments to take over the…
Israeli cable operator HOT’s shareholders have approved the acquisition of local cellco Mirs in a deal worth a total of NIS 950m (US$225m).
HOT will pay NIS 500m (US$134m) in cash and NIS 450m (US$121m) in future milestone payments to take over the group.
Patrick Drahi, who owns 51.7% of HOT through Cool Holdings and also controls Mirs, had been seeking to take over the group for around NIS 1bn (US$269m), but restructured the deal following shareholder opposition, reported Globes Online.
Although HOT’s institutional investors hold only small stakes in the company, their vote was reportedly crucial in clinching a deal because, as a ‘party at interest’, Drahi was unable to have his vote registered, added the report.
HOT and Mirs were unable to provide further information before the press deadline.
