Discount Investments sold a total of 2.4 million UPC shares to a European bank for $45 per share on average. Discount Investments owned 0.5% UPC shares, but no longer has a stake in the company. Discount Investments and UPC are the controlling shareholders in cable television company Tevel.
Discount Investments will post $108 million capital gains from the sale and after-tax profit is expected to come to $53 million.
Discount Investments acquired the put options with the entry of UPC as an investor in Tevel, in which it holds a 46.5% stake. In 2000, Discount Investments posted NIS 35 million revenue and NIS 2 million profit from the sale of UPC shares.