Saban Capital acquires controlling interest in Partner Communications in Israel
Jan 30, 2013 (M2 EQUITYBITES via COMTEX) --
Private investment firm S.B. Israel Telecom Ltd, an affiliate of Saban Capital Group Inc, announced on Tuesday the closure of its purchase of the controlling interest in Partner Communications Company Ltd (TASE: PTNR) (Nasdaq: PTNR) from Scailex Corporation Ltd (TASE:SCIX.TA).
Partner, a provider of communications services in Israel, operates the orange and 012 Smile brands in Israel.
This transaction, financial details of which were not disclosed, includes the assumption of debt owed by Scailex to Advent Investments Pte Ltd, a subsidiary of Hutchison Whampoa Limited (HKEX:13). It also reportedly marks Saban's re-entry into the Israeli communications market.
In connection with this transaction, Saban received legal advice from Zellermayer, Pelossof, Rosovsky, Tsafrir, Toledano & Co Advocates and Skadden, Arps, Slate, Meagher & Flom LLP; financial advice from Deutsche Bank Israel and transaction advisory services from KPMG Somekh Chaikin.
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