Saban-Apax-Arkin looking to up Bezeq stake, papers say

13 Sep 2006

The Saban-Apax-Arkin consortium, the controlling shareholders of Bezeq (Israel Telecommunication Corporation), are in talks with Israel’s top six banks to buy their combined 18% stake in the telco, a source familiar with the situation has told Reuters. The banks acquired the shares when they foreclosed on businessman Gad Zeevi after he failed to meet obligations under a credit agreement, according to the Globes business daily, but they have no intention of retaining the stake and Saban-Apax-Arkin is keen to buy. The consortium, comprising Israeli entrepreneur Haim Saban’s SGC Israel Ventures, private equity firm Apax Partners and local businessman Mori Arkin, acquired a 30% stake in Bezeq in May 2005. None of the parties involved has commented on the story.

Israel, Bezeq (Israel Telecommunication Corporation)