NetVision calls off HOT acquisition

The IDB unit planned to buy 15% of HOT from Bank Leumi.

NetVision Ltd. (TASE: NTSN) notified the TASE that it has cancelled its acquisition of 15% of Hot Cable Systems Media Ltd. (TASE: HOT) from Bank Leumi (TASE: LUMI), and that it was therefore also cancelling a planned NIS 300 million fundraising from banks to finance the deal. NetVision had already raised NIS 80 million of this amount.

NetVision said that regulatory approval for the deal had not been obtained by the deadline, although it had been postponed from September 30. On Thursday, the Antitrust Authority extended indefinitely its deadline for the banks to sell their stakes in HOT. Sources believe that the new extension will be longer than the previous two-year extension.

NetVision Ltd. (TASE: NTSN) is a unit of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman and CEO Nochi Dankner, through Discount Investment Corporation (TASE: DISI).

Published by Globes [online], Israel business news - - on November 2, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018