Saban-Apax picks an additional 10.66% stake in Bezeq

26 Sep 2008

Reuters is reporting that a group led by media mogul Haim Saban and private equity firm Apax Partners has exercised its option to buy an additional 10.66% of Bezeq Israel Telecom, paying ILS1.08 billion (USD318 million) for the stake; Saban and Apax, along with businessman Mori Akin, purchased a 30% controlling stake in the telco from the Israeli government in 2005 for ILS4.2 billion. The state now holds an approximately 5% stake in the operator, and has announced that it expects this to fall to 1% by 2010, when employees exercise options in the telco.

Israel, Bezeq (Israel Telecommunication Corporation)