Less than a year after buying control over RSL Com Finland for €4.5 million, the Israel Corporation is selling the company at a 165% profit. Israel Corporation bought RSL Com Finland from Ron Lauder's RSL Communications (Nasdaq:RSLC) through its subsidiary Kol 1, which it established to seek opportunities in telecommunications. Kol 1 has agreed to sell RSL Com Finland to the Finnish communications company Kaukoverkko Ysi Oy, in a three-phase deal. In the first phase, Kol 1 will be relinquishing 34% of its holdings in RSL Com Finland (13.6% of the company's total equity) for €4.1 million. The price evaluates RSL Com Finland at €30 million. Kol 1 originally bought its stake in the company in November 201 according to a company value of €11.3 million. The deal is due to be finalized at the end of September, at which time Kaukoverkko Ysi Oy will deliver €4.2 million to Kol 1 to repay a loan Kol 1 extended to RSL Com Finland. During 2003, Kaukoverkko Ysi Oy will hand over &euro2.8 million to Kol 1 as repayment of loans extended to RSL Com Finland. At the second stage, scheduled for July 2004, Kol 1 will be transferring another 13.2% stake to Kaukoverkko Ysi Oy. The compensation for 40% of the shares will be at a company value of €30 million, while the rest will accord to an external evaluation of the company. At this time Kaukoverkko Ysi Oy will also hand over another €2.1 million to repay money Kol 1 lent to RSL Com Finland. Kaukoverkko Ysi Oy is also getting an option to buy the rest of Kol 1's holdings in RSL Com Finland, 13.2%, in August 2004 according to an external evaluation of the company, plus 10%. Kol 1 has a converse option to sell its holdings to Kaukoverkko Ysi Oy according to an external evaluation of the company, minus 10%. Israel Corporation commented that as the compensation for the deal is subject to change, it will not be recording it in its books yet. RSL Com Finland supplies combined communications services to Finnish corporate customers. Kol 1 bought it when RSL went bankrupt.