Cable co Matav to sell 7.6% of cellular co Partner to Hutchison-Whampoa

Sale meets central bank demand relating to credit to related parties
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Cable TV firm Matav Cable Systems (Nasdaq:MATV) will sell 7.6% of cellular provider Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) to Hutchison-Whampoa from Hong Kong for $60 million to $70 million, Ma'ariv reports.

The amount of the deal reflects a slightly higher valuation than Partner's market cap.

The sale is intended to meet Supervisor of Banks Yitzhak Tal's demand for the resolution of cross-ownership issues relating to the Dankner family. The Dankners holed the controlling stake in Matav and also part of the controlling stake in Bank Hapoalim, Partner's largest lender. The sale of Partner shares to Hutchison-Whampoa will allow Partner to postpone the repayment of a $100 million loan from Bank Hapoalim.