Partner to raise $150 million overseas

Cellular provider Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) is to raise $100 million to $150 million in shares overseas, probably on Nasdaq, Ma'ariv reports.

The firm is seeking Communications Ministry approval in principle, which is required for an offering of over 10% of shares. The issue is intended to finance the establishment of Partner's planned 3G network.

Ownership was among the issues discussed at the meeting of the Partner heads with the ministry. The license terms don't allow holdings of owners to fall below 60%. Today, the owners own 75%, the remaining shares trading in New York, London, Tel Aviv.

Partner last month announced a Wall Street shelf registration in the amount of $400 million. This could shorten the process of the offering. Shelf registration allows a company to choose between a stock offering and an offering of bonds.