A consortium of Israeli businesses has made an offer of US$300 million for S.B. Israel Telecom’s 27% stake in local operator Partner Communications.
The offer was made by Phoenix Group in partnership with local businessmen Avi Gabbay and Shlomo Rodav. As reported by TeleGeography, Gabbay – who is also a domestic politician – last week resigned his post of CEO at rival operator Cellcom.
Partner confirmed that the offer requires customary approvals from the Competition Authority, Ministry of Communications and the Tel Aviv District Court. Once it has received these, the deal must close within 120 days, although the consortium may extend this by a further 30 days. If the transaction does not meet these conditions, it will be abandoned.