Israel’s Hot Mobile has submitted a bid to take over 100% of rival operator Partner Communications.
Hot’s parent firm Altice Europe confirmed that the offer had been extended but added that no final decision has been reached, and cautioned “it is yet uncertain that any such transaction will be concluded”. The terms of the offer have not been revealed.
While Altice Europe has been divesting non-core assets in a bid to reduce its debt burden, this new offer affirms its commitment to the Israeli market. The conglomerate is owned by billionaire Patrick Drahi.
An influx of competition to the Israeli market in 2012 led to operator revenues being stretched, with Barclays analysts Tavy Rosner and Mathieu Robilliard telling Reuters that consolidation is required to “restore some form of price repair.”
Operators will be looking to invest in 5G, with auctions lined up for this year after a tender process that began last July.