Bezeq stake sale gets antitrust approval

7 Apr 2010

Israeli businessman Shaul Elovitch’s bid to grab control of domestic fixed line incumbent Bezeq has moved one step closer following the revelation that the country’s Antitrust Authority has given its approval to the proposed deal. With the watchdog having notified all parties concerned, Globes Online is reporting that go-ahead for the bid includes a number of conditions, including Elovitch’s Eurocom Group being required to divest its holding in DBS Satellite Services (YES) to a third party. Should Eurocom fail to arrange the sale then the Antitrust Authority has said it will appoint a trustee to do so.

According to TeleGeography’s GlobalComms Database, Bezeq’s largest shareholder, the Apax-Saban-Arkin consortium, announced in October 2009 that it had agreed to sell its remaining holding in the company to Elovitch for ILS6.5billion (USD1.76 billion). The acquisition is being made through B Communications (formerly known as 012 Smile.Communications), a subsidiary of Eurocom Communications. The sale is expected to be completed by the middle of 2010.

Israel, Bezeq (Israel Telecommunication Corporation)