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Drahi to pay NIS 650m for Yediot's HOT shares

26 Jun, 2011 14:16
שלח תגובה במיילShiri Habib-Valdhorn

Drahi owns 51.7% of HOT, after acquiring shares from Fishman Holdings, and the Yediot Communications deal will boost his stake to 65%.

HOT Telecommunication Systems Ltd. (TASE: HOT) controlling shareholder Patrick Drahi is further tightening his control of the company. Drahi's Cool Holdings Ltd. today exercised its option to acquire 10,012,003 shares in HOT held by Yediot Communications Ltd., owned by Arnon Mozes at NIS 65 per share for a total of NIS 650 million, a 13% premium on Thursday's closing price of NIS 57.34.

Cool Holdings bought 6% of HOT from Fishman Holdings for NIS 250 million last October.

The deal with Yediot Communications is in two stages: 76% of the purchase will be made in November 2011 and the rest in November 2012. Israel Discount Bank (TASE: DSCT) and Mizrahi Tefahot Bank (TASE:MZTF) will provide the financing.

Drahi owns 51.7% of HOT, after acquiring shares from Fishman Holdings, and the Yediot Communications deal will boost his stake to 65%. Yediot Communications will own 3.3% of HOT when the deal is completed and Fishman Holdings will own 6.5%.

Drahi plans to merge HOT, which offers telephony, Internet services, and cable TV with mobile carrier Mirs Communications Ltd.

HOT's share price rose 1.2% by early afternoon today to NIS 58.01, giving a market cap of NIS 4.45 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on June 26, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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