The Apax-Saban-Arkin group has agreed to sell its controlling 30.6% stake in Israel’s Bezeq Telecom to Eurocom Communications’ 012 Smile. The acquisition has been valued at ILS6.50 billion (USD1.80 billion). ‘This transaction is in line with our strategy to become, through selective investments, the leading integrated player in Israel’s telecom marketplace,’ 012 Smile Chief Executive Stella Handler said in a statement. According to Reuters, the deal will be financed through a combination of cash, debt and stock, the details of which will be announced soon. The sale is conditional upon receiving regulatory approval by 25 April 2010, and to that end 012 Smile has agreed to sell its current telecommunications assets in order to obtain approval.