GCA to recommend sale of 30% Bezeq stake

8 Jul 2004

The Israeli Government Companies Authority is expected to recommend to the Ministerial Privatisation Committee the sale of a 30% controlling stake in fixed line incumbent Bezeq, with an option for the winner to acquire a further 10%. The government had previously been expected to sell a direct stake of between 30% and 40% of the company, but has opted to sell the smallest amount in the hope that it will ease the process; the purchaser will be awarded voting rights that give it control of the company. According to the government’s schedule the tender offer will be launched in late August, with the deal expected to be completed in the first quarter of 2005.