The sale of cellular carrier Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) to Haim Saban is set to be signed either later today or tomorrow. The deal for the Orange franchisee will be completed before Scailex Corporation (TASE: SCIX; Pink Sheets:SCIXF) through which controlling shareholder Ilan Ben-Dov controls Partner, publishes its financial report for the third quarter of 2012.
After the deal, Scailex will remain with 15% of Partner's shares while Saban will hold a 33% stake in the cellular carrier. Saban will pay $80 million and take on the $300 million debt that Scailex owes to the Hutchison Fund.
Last week Scailex CEO Yahel Shachar flew to Hong Kong to meet Hutchison executives and move the deal forward. On the Tel Aviv Stock Exchange Partner's share price was up 4% in early afternoon trading to NIS 24.65, and Scailex's share price was up 22.7% to NIS 7.56.
Ben-Dov acquired Partner in 2009 from Hutchison Telecommunications International Ltd. Since then the cellular carrier's share price has plunged.
Saban, 67, lives in Beverley Hills, Los Angeles. He has previously made a profitable investment in Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ), earning billions of shekels after buying the controlling core in 2005 with Apax Partners and Mori Arkin and subsequently selling it to current owner Shaul Elovitch in 2008. Since then he has made no major investments in Israel.
"Forbes" estimate Saban's fortune at $2.9 billion. He was born in Alexandria in Egypt and immigrated to Israel when he was 13 with his Turkish-born parents Nissim and Virginia. He knew great economic hardship in Israel before eventually moving to the US.
Saban emerged in the US as a successful TV series producer and his best known program was Power Rangers. Ten years ago he sold his TV business Saban Entertainment to Disney for $1.7 billion and acquired the largest Spanish-language TV network in the US Univision Communications for $13.7 billion.
Saban is a major donor to Israeli organizations and one of the largest financial supporters of the US Democrat party.
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012