Israeli holding company Scailex is due to sign a deal with Saban Capital Group “in the next few hours” regarding the sale of a stake of its holdings in Partner Communications.
“[Scailex] will sell to the Saban Group most of its holdings in…
Israeli holding company Scailex is due to sign a deal with Saban Capital Group “in the next few hours” regarding the sale of a stake of its holdings in Partner Communications.
“[Scailex] will sell to the Saban Group most of its holdings in [Israeli telco] Partner Communications and will enter with the Saban Group into a joint control of Partner,” said Scailex in a translation of a statement sent to the Tel Aviv stock exchange seen by TelecomFinance today.
Conditions of the deal include “payment in cash” to Scailex and “the endorsement to the Saban Group of the seller [Scailex]’s loan in the amount for US$300m, that [Hutchison Group subsidiary] Advent granted to the company for which the company issued bonds,” the statement continued.
Prior to the Saban talks, a deal between Scailex and Hutchison Whampoa had fallen through due to concerns over Partner’s financial performance.
In Partner’s Q3 results which were announced last week, the telco reported total revenues of NIS1,315m (US$336m), a decrease of 25% from the same quarter last year.
