S.B. Israel Telecom Ltd., an affiliate of Saban Capital Group, Inc., announced today it has closed its purchase of the controlling interest in Partner Communications Company Ltd. (TASE: PTNR; NASDAQ: PTNR) from Scailex Corporation Ltd. (TASE: SCIX). Partner, a leading provider of communications services in Israel, including cellular, Internet and fixed telephony, operates the orange TM and 012 Smile brands in Israel. The transaction includes the assumption of debt owed by Scailex to Advent Investments Pte Ltd., a subsidiary of Hutchison Whampoa Limited (HKEX: 13).
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. (TASE: BEZQ), Israel’s incumbent telecommunications operator. From 2005-2008, Saban Capital Group was an investor in Keshet Broadcasting Ltd., the leading 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 LLP, financial advice from Deutsche Bank Israel and transaction advisory services from KPMG Somekh Chaikin. About Saban Capital Group Saban Capital Group ("SCG") is a leading private investment firm based in Los Angeles specializing in the media, entertainment, and communication industries.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV