Closing near on Elovitch's acquisition of Bezeq stake

The Ministry of Communication wants the deal completed before Independence Day next week.

Shaul Elovitch will complete the purchase of a 30.6% controlling core stake in the telecom provider. The transfer of control in Bezeq Israel Telecommunications Company Ltd. (TASE:BZEQ) to Shaul Elovitch is on the verge of completion. The deal is likely to be closed later this week with Elovitch taking a 30.6% controlling core stake from Apax-Saban-Arkin for NIS 6.5 billion.

A concluding discussion was held by the Ministry of Communications at the end of last week and several final conditions were formulated that Elovitvch will be required to fulfill. The ministry wants the deal completed before Independence Day next week.

The deal is the largest in Israel's communications industry in recent years, and it will be greatly significant for the sector's structure. The deal has already led to the sale of 012 Smile's activities to Yossi Maiman, and Elovitch is also required to find a buyer for Bezeq and his stake in satellite broadcaster Yes.

Published by Globes [online], Israel business news - www.globes-online.com - on April 12, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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