The receiver holding Zeevi Communications’ minority stake in Israel’s incumbent telco Bezeq has announced it has reached an agreement with UBS to sell a further 4.52% holding. The sale will raise ILS976.8 million (USD264 million), with 120 million shares being transferred at ILS8.14 each. It has not been revealed who purchased the stake. This is the second divestment in less than three months, after the receiver sold 5.84% of Zeevi’s stake in Bezeq in August 2009 for ILS1.15 billion.
Following this latest transaction Zeevi now holds a 11.5% stake in Bezeq; all of its shares in the Israeli telco were placed into receivership after Gad Zeevi filed for bankruptcy six years ago. The receiver has said that no further sales will take place until at least 1 December 2009.