Matav-Cable Systems Media (MATV) plans to sell 13.8 million shares or 7.7 percent of the Partner Communications (PTNR) unit to Hutchison Whampoa for about $4.53 a share, a total of $62.4 million, confirmed a press release.
Matav-Cable Systems said the shares represent about 50 percent of its stake in Partner Communications. Matav, which expects to record the sale as a capital gain, said the transaction awaits certain conditions, including confirmation from Bank Hapoalim that it won't require Partner Communications to repay its portion of a credit facility, and approval of the Israeli Ministry of Communications.
Upon the close of the sale, Matav-Cable will own about 7.5 percent of Partner Communications. Matav is one of Israel 's three cable television providers, serving about 25 percent of the population. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
