Cellcom, Pelephone and Hot Mobile have all expressed interest in buying the rival Israeli mobile carrier.
The sale process for Israeli mobile operator Golan Telecom Ltd. is gaining momentum. Sources inform "Globes" that three other Israeli operators have expressed interest by entering the company's information room: Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL), Pelephone Communications Ltd., and HOT Mobile Ltd.. Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) has decided not to be a part of the process. Some market sources also believe that Xfone owner Hezi Bezalel is also interested in buying the company.
As part of the process, companies interested in acquiring Golan Telecom have been asked to appoint a 'clean team" of external advisors, that are not employees, as a requirement before entering the information room. The interested parties appointed teams comprising lawyers, economists, and consultants to check out the information and present their conclusions. Golan is swapping drafts with lawyers and the target is for bids to be made by the end of the month.
Market sources believe that Cellcom has a built in advantage in the race to acquire Golan Telecom because it has a NIS 350 million debt to the company, which any other buyer would be required to pay off.
Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
Golan Telecom