Hapoalim to lend Elovitch NIS 3.9b for Bezeq deal

Shaul Elovitch is also due to raise NIS 200 million in bonds.

Sources inform ''Globes'' that Bank Hapoalim (TASE: POLI) will lend Shaul Elovitch NIS 3.9 billion to acquire the controlling interest in Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ). The parties are due to sign the agreement next week.

The sources added that Bank Hapoalim will bring two mid-sized banks into the deal as a syndicate. Elovitch is also due to raise an additional NIS 200 million by expanding a bond series of Internet Gold Golden Lines Ltd. (Nasdaq: IGLD; TASE:IGLD).

Elovitch's 012 Smile.Communications Ltd. (Nasdaq:SMLC; TASE: SMLC), is acquiring the 30% stake of Bezeq held by Ap-Sab-Ar Holdings Ltd. (the Apax Partners-Saban Capital Group Inc.-Arkin consortium) for NIS 6.5 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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