Israeli telco Partner Communications has confirmed that it has received a bid of USD300 million for the 27% stake currently held by S.B. Israel Telecom. The bid was lodged by a consortium comprising Phoenix Group, Avi Gabbay and Shlomo Rodav. TeleGeography notes that Mr Gabbay, a businessman/politician/telecoms executive, stepped down from his position as CEO at rival operator Cellcom last week.
The notice issued by Partner states that the offer includes customary closing conditions, including approval of the transaction by the Tel Aviv District Court and by the Ministry of Communications and the Competition Authority. The deal must close within 120 days of the date of the court approval, although the Offeror has an option to extend this period by an additional 30 days. If these conditions are not met, the transaction will be terminated.