Saban Capital acquires controlling interest in Israel’s Partner
Saban Capital Group affiliate Israel Telecom has closed its acquisition of a controlling interest in Partner Communications from Scailex Corporation.
Partner is a mobile, internet and fixed telephony service provider in Israel and operates the Orange and 012 Smile brands.
The transaction includes the assumption of debt owed by Scailex to Hutchison Whampoa subsidiary, Advent Investment.
“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,” said Haim Saban, chairman and CEO of Saban Capital Group.
Saban was previously an investor in Israeli incumbent Bezeq from 2005 to 2008.
The company received financial advice from Deutsche Bank Israel and transaction advisory services from KPMG Somekh Chaikin.
Saban selected Zellermayer, Pelossof, Rosovsky, Tsafrir, Toledano & Co. Advocates and Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisors.