Yaron Gazit, Amnon Dick join race for Golan Telecom

Golan Telecom

 Gazit is one of Israel's largest cigarette importers, while Dick is a former CEO of Bezeq.

Sources inform "Globes" that two Israeli businessmen, Yaron Gazit and Amnon Dick, have begun initial checks with a view to buying Golan Telecom. A few years ago, Gazit and Dick held 5% of Hot Mobile for a short period. Gazit is one of Israel's largest cigarette importers, while Dick is a former CEO of Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ).

The two join Xfone owner Hezi Bezalel, who has set up an entire team to carry out a due diligence examination at Golan, Zvi Barinboim, who was reported yesterday to be interested in Golan Telecom either together with Bezalel or alone, and apparently one or two more parties who have expressed interest in buying the company. Sources close to the process say that former Pelephone CEO Gil Sharon is still interested in Golan and is trying to recruit investors after his attempt to bring in Elco Holdings Ltd. (TASE: ELCO) as an investor failed.

The shareholders in Golan Telecom are trying to sell the company by the beginning of November, because then Golan's contract for using Cellcom Israel Ltd.'s (NYSE:CEL; TASE:CEL) network ends. Cellcom is due to collect a NIS 600 million debt from Golan in November. A deal for the purchase of Golan therefore requires a solution for this debt. It will probably be rescheduled as part of a network unification agreement between the buyer of Golan and Cellcom, as demanded by the Ministry of Communications.

Published by Globes [online], Israel business news - www.globes-online.com - on October 10, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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