December 2, 2012 / 7:30 AM / 5 years ago

Scailex sells Israel's Partner to Saban

JERUSALEM, Dec 2 (Reuters) - Israeli holding company Scailex Corp said on Sunday it had agreed to sell most of its stake in Partner Communications to Saban Capital Group.

Saban will pay NIS 250 million ($65 million) in cash and take on a $300 million debt that Scailex owes to Hong Kong conglomerate Hutchison Whampoa, Scailex said in a statement to the Tel Aviv Stock Exchange.

Scailex - which owns 44.5 percent of Partner - will keep 13.8 percent while Saban will hold 30.7 percent. Suny, Scailex’s parent company will keep its 1.4 percent. The remaining shares are held by the public.

Scailex began talks with U.S.-Israeli media magnate Haim Saban last month about a possible sale of Partner, Israel’s second-largest mobile phone operator.

Hutchison, from which Scailex controlling shareholder Ilan Ben-Dov acquired Partner three years ago, has a lien on 12 percent of the company’s shares.

In August, Hutchison pulled out of a deal to regain control of Partner by buying 75 percent of Scailex and analysts had said Scailex would seek a new buyer for Partner. (Writing by Maayan Lubell; Editing by Tova Cohen and Pravin Char)

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