Partner snubs Hot with bid for Golan Telecom

Partner CEO Isaac Benbenisti / Photo: Tamar Matsafi
Partner CEO Isaac Benbenisti / Photo: Tamar Matsafi

Cellcom is already in talks to buy Golan Telecom, while Partner has received an acquisition offer from Hot.

Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) has snubbed its offer from HOT Telecommunication Systems Ltd. (TASE: Hot) and approached Golan Telecom with a view to acquiring the rival telecom operator, sources inform "Globes." Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) is already in talks to buy Golan Telecom and a bidding war could develop. Owned by Electra Consumer Products (TASE: ELEK), GolanTelecom has about 1 million subscribers and is profitable.

Golan Telecom shares a network with Cellcom, making it necessary to break up that partnership in any merger with Partner. Golan Telecom might also be required to pay a NIS 600 million fine to Cellcom, if a deal with Partner went ahead, making such a merger very tough to complete.

Partner's bid to buy Golan Telecom comes after a decision by its board of directors to explore all options following an offer by Hot to buy Partner.

The feeling at Partner is that it is better to acquire another company rather than to be acquired. Partner is in the midst of major investments and has a relatively small debt, making it worthwhile to grow at the exense of another company rather than vice-versa.

As a public company, Partner is required to respond formally to Hot's offer and that will probably happen in several weeks after other options are considered.

Partner's CEO is Isaac Benbenisti.

The Israel Competition Authority and Ministry of Communicatrions are only likely to approve one merger in the mobile phone sector due to the small number of players in the sectorand would be less inclined to sanction a merger between two of the biggest players like Hot and Partner.

Published by Globes, Israel business news - en.globes.co.il - on February 11, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Partner CEO Isaac Benbenisti / Photo: Tamar Matsafi
Partner CEO Isaac Benbenisti / Photo: Tamar Matsafi
Gaza Strip, March 17 2025  credit: Reuters/Anadolu IDF resumes assault on Hamas

Extensive aerial attacks were carried out against targets in the Gaza Strip overnight.

Wiz founders Yinon Costica, Assaf Rappaport, Ami Luttwak, Roy Reznik credit: Avishag Shaar Yishuv Google renews attempt to buy Wiz - report

According to "The Wall Street Journal", Google parent company Alphabet is negotiating to buy the Israeli cloud computing security company for $30 billion.

Orit Strook  credit: Marc Israel Sellem/The Jerusalem Post Finance C'ttee approves NIS 300m coalition funds distribution

The money will mainly go to Religious Zionist party minister Orit Strook's Ministry of Settlements and National Missions.

Dangoor Academy  credit: British Embassy in Tel Aviv British Embassy showcases Israeli healthcare startups

The nine startups participated in the Dangoor HealthTech Academy, a program that connects Israeli startups with the UK healthcare system.

NextVision Stabilized Systems  credit: Shlomi Yosef/Tali Bogdanovsky Next Vision shareholders make NIS 230m exit

A British hedge fund has bought a 2.5% stake in the stabilized cameras company.

Energean CEO Mathios Rigas at the Israel Business Conference   credit: Shlomi Yosef Energean's $1b gas fields sale at risk

The sale of the energy company's asset portfolio in Egypt, Italy and Croatia may fall through because of the buyer's difficulties with the Italian regulator.

Kela Technologies founders Jason Manne, Hamutal Meridor, Alon Dror and Omer Bar Ilan  credit:  Yosef Haim Alterman Defense tech co Kela raises $39m

In response to the events of October 7, Kela has developed a platform for rapid integration of commercial technologies into military systems.

Benjamin Netanyahu  credit: ‎Alex Kolomoisky, Yediot Aharonot Firing the Shin Bet chief: The hurdles

Prime Minister Benjamin Netanyahu says he has "lost trust" in Shin Bet head Ronen Bar. Will this be enough to overcome legal challenges to his dismissal?

Emiliano Calemzuk  credit: PR CEO and "investor group" buying out Reshet 13

CEO Emiliano Calemzuk and the other investors will hold 74% of the television channel, while Len Blavatnik’s Access Industries and WBD will remain with 26%.

Inflation  credit: Tali Bogdanovsky Unexpectedly low February CPI reading cuts inflation

While inflation in Israel in the 12 months to the end of February 2025 is lower than forecast, housing prices continue to rise.

Yitzhak Tshuva credit: Gidon Levy and Tali Bogdanovsky Competition Authority allows Delek takeover of Isracard

The Competition Authority is considered the easier of the two regulatory hurdles that the deal must overcome, the other being the Supervisor of Banks.

David Amsalem  credit  Noam Moskowitz, Knesset Spokesperson's Office Rafael to pay state NIS 444m dividend

The minister in charge of the Government Companies Authority, David Amsalem, has approved the payment by the defense company.

Barak MX air defense system  credit: IAI IAI profit jumps 55%

Israel Aerospace Industries posted a net profit of $493 million for 2024, and ended the year with an all-time high orders backlog of $25 billion.

A TSG system in tactical use  credit: PR TSG signs cooperation agreement with US defense co

The agreement includes the integration of TSG's advanced technologies into sensor-based defense systems, which will be integrated into the operational systems of US defense units.

Bria CEO Yair Adato credit: Kseniia Poliak Israeli visual generative AI co Bria raises $40m

Bria’s Visual Generative AI platform empowers businesses to create predictable, controllable, and on-brand content that aligns with their visual language.

Amnon Shashua and Aviram Ziv credit: Eyal Izhar OrCam stymied by investor dispute with Shashua

Demands by institutional investors are blocking the visual and hearing impairment device developer's recovery plan.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018