Saban Capital Group Buys Controlling Interest in Partner Communications
Feb 01, 2013 (Close-Up Media via COMTEX) --
S.B. Israel Telecom, an affiliate of Saban Capital Group, Inc., announced it has closed its purchase of the controlling interest in Partner Communications Company from Scailex Corp.
According to a release, Partner, a provider of communications services in Israel, including cellular, Internet and fixed telephony, operates the orangeTM and 012 Smile brands in Israel. The transaction includes the assumption of debt owed by Scailex to Advent Investments Pte., a subsidiary of Hutchison Whampoa Limited.
Haim Saban, Chairman and Chief Executive Officer of Saban Capital Group said, "We have great confidence in the Israeli economy and we are very impressed with the quality of management, entrepreneurial spirit and strength of the local economy. I have no doubt that, together with Partner management, we can lead the Company to great achievements in all areas of its operations."
Adam Chesnoff, President and Chief Operating Officer of Saban Capital Group said, "We are excited about our investment in Partner and to be re-entering the Israeli market. We would also like to convey our appreciation to Partner's dedicated employees and the excellent management team headed by CEO Haim Romano. Together, we will strengthen the Company for the benefit of its employees, customers and stakeholders."
From 2005-2010, Saban Capital Group and its partners were investors in Bezeq Israeli Telecommunication Corp., Israel's incumbent telecommunications operator. From 2005-2008, Saban Capital Group was an investor in Keshet Broadcasting, a media brand and television station in Israel.
Saban Capital Group received legal advice from Zellermayer, Pelossof, Rosovsky, Tsafrir, Toledano & Co. Advocates and Skadden, Arps, Slate, Meagher & Flom, financial advice from Deutsche Bank Israel and transaction advisory services from KPMG Somekh Chaikin.
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