Polar Investments announced today that Edmond de Rothschild Israel Opportunity Fund will acquire 20% of its fully-owned subsidiary Dai Telecom for €15 million.
In addition, Dai Telecom today announced it has completed a deal to help expand its overseas cellular telephone development, production and marketing operations. Under the deal, Dai Telecom Italia will lease the operational network of Italy’s Telit, a cellular telephone developer, manufacturer and marketer.
Polar Investments CEO Avigdor Kelner said the investment terms for the Edmund de Rothschild Fund in Dai Telecom reflect the company’s strength and inherent potential. He added that the new investor would help Dai Telecom finance the deal.
Dai Telecom CEO Uzi Katz said today that the deal will enable the company to expand its overseas business and deepen its cellular telephone activities in Israel.
Telit estimated sales in 2002 were €150 million. As Telecom Italia Mobile (TIM) in-house cellular supplier, Telit produces about 1 million cellular telephones a year. TIM is Italy’s largest cellular operator, with 60 million subscribers, including its non-Italian branches. Trieste-based Telit has 300 design, development and service employees.
Published by Globes [online] - www.globes.co.il - on December 25, 2002