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IBI Underwriting last night won the Government Companies Authority tender for the sale of 50 million shares of Bezeq employees, TheMarker has learned. The sale of the shares is one condition for privatization of the phone company.

The tender was closed last Thursday. Bidders in the tender were HSBC (NYSE:HBC) along with Discount Underwriting and Eyal Securities, Leader DS in conjunction with Gmul Investment (TASE:GMUL) and Lehman Brothers (NYSE:LEH), Bank Leumi et al, Nessuah Zannex independently, Ilanot Batucha together with Investec Bank and IBI Underwriting.

Two bidders made it to the last stage: Leader-Gmul-Lehman and IBI, whose marketing strategist was Merrill Lynch.The two gave their presentations last night and IBI was picked.

Merrill Lynch is the Government Companies Authority advisor on the sale of control in Bezeq. The Authority apparently approved of Merrill Lynch, which did not make a separate bid, teaming up with IBI.

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The tender established the minimum share price would be NIS 6.08, 4.8% higher than the share's closing price on the TASE last night. This sets the minimum sale at NIS 305 million. IBI's marketing strategy has not been made public yet.

IBI refused to comment on the news.