Businessman Shaul Elovitch
Photo: Israel Hadari
Shaul Elovitch to buy 30.6% of Bezeq
Apax-Saban-Arkin group agrees to sell its controlling stake in Israeli's largest telecoms group to 012 Smile Communications for NIS 6.5 billion
The Apax-Saban-Arkin group has agreed to sell its controlling stake in Bezeq Israel Telecom , the country's largest telecoms group, for NIS 6.5 billion (about $1.75 billion), Bezeq said on Sunday.
The stake will be sold to 012 Smile Communications, a provider of Internet service and overseas calling, Bezeq said in a statement to the Tel Aviv Stock Exchange.
The 012 Smile company is controlled by businessman Shaul Elovitch's Eurocom Holdings. Elovitch started in the communications business by importing Nokia cellular phones.
The deal is priced at NIS 8 ($2) a share, Bezeq said. Bezeq's shares closed at NIS 8.6 on Thursday.
The sale is conditional upon receiving regulatory approval by April 25, 2010.
The partners in Bezeq – media mogul Haim Saban, businessman Mori Arkin and the Apax Partners private equity fund – bought control of Bezeq four years ago from the government.
