JERUSALEM Jan 24 U.S.-Israeli media magnate
Haim Saban will buy about 2 percent Partner Communications
from Bank Leumi in addition to a controlling
stake from Partner's parent.
Partner said on Thursday it had been informed that Saban's
S.B. Israel Telecom agreed to buy 3.2 million shares of Partner
from Leumi Partners, the investment arm of Leumi - Israel's
second largest bank.
Financial terms were not disclosed but Israeli media
reported it was about 25 shekels per share for a total of 80
million shekels ($22 million). Partner's shares were up 0.5
percent at 21.66 shekels in afternoon trading in Tel Aviv.
Last month, Saban agreed to buy 30.7 percent of Partner,
Israel's second-largest mobile phone operator that operates
under the Orange brand name, from holding company Scailex Corp
for 250 million shekels. Scailex will retain 13.8
percent of Partner.
Saban is also taking on a $300 million loan that Scailex
owes to Hong Kong conglomerate Hutchison Whampoa, from
which Scailex acquired Partner in 2009.
Earlier this week, Scailex received Israeli Communications
Ministry approval for the transaction, which is expected to be
completed in the coming days.
Leumi had bought a 4.99 percent stake in Partner from
Scailex in 2009 for 67 shekels a share and is selling the stake
at a big loss as part of a plan to sell non-financial holdings.