Patrick Drahi completes HOT takeover

Drahi purchased 10,012,033 shares at NIS 65.10 per share from Arnon Mozes.

Through Cool Holdings, Ltd., Patrick Drahi yesterday completed the takeover of HOT Telecommunication Systems Ltd. (TASE: HOT) when he purchased 10,012,033 shares at NIS 65.10 per share from Yediot Communications Ltd. owner Arnon Mozes.

Drahi bought the shares at a premium of 38%, or NIS 650 million, and will own 64.7% of HOT. Mozes will own 3.5%.

In addition, Drahi sold all of his shares in Mirs Communications Ltd. to HOT. In September, the HOT board of directors approved the acquisition for NIS 500 million in cash, and an additional NIS 450 million to be paid in the future.

HOT's share price fell 0.39% today to NIS 48.40, giving a market cap of NIS 3.77 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2011

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

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