012 Smile.Communications Ltd. will sell its current telecom business to Ampal

Published November 29th, 2009 - 02:19 GMT

Internet Gold -
Golden Lines Ltd. (NASDAQ Global Market and
TASE: IGLD), a leading Israeli communications group, today announced that its
75.3% owned subsidiary, 012 Smile.Communications Ltd. has signed an agreement
with a wholly owned subsidiary of Ampal-American Israel Corporation (Nasdaq:
AMPL) to sell it 012 Smile's current telecom business for NIS 1.2 billion, or
approximately $318 million. The transaction is subject to customary closing
conditions, including the receipt of regulatory approvals from the Israel
Ministry of Communications and the Israel Antitrust Commissioner.

 

    Commenting on the transaction, Ms. Stella Handler, CEO of 012
Smile.Communications, said, "We are very pleased to enter into this agreement
with Ampal to sell 012 Smile.Communications' business. This transaction
represents an important step in finalizing our recently announced agreement
to acquire the controlling stake in Bezeq The Israel Telecommunication Corp.,
Israel's largest telecommunications provider (TASE: BZEQ)."

 

    Mr. Shaul Elovitch, Chairman of 012 Smile.Communications and
Internet Gold - Golden Lines Ltd., added, "During the past several years we
have worked diligently to build 012 Smile.Communications' operations, with
the result that 012 Smile has become one of Israel's leading
telecommunications providers and brands. We congratulate Ampal on its
decision to acquire the business of 012 Smile.Communications and on the
successful conclusion of our agreement."

 

    J.P. Morgan plc acted as exclusive financial adviser and
Fischer Behar Chen Well Orion & Co. as legal adviser to 012
Smile.Communications in connection with the transaction.


© 2000 - 2019 Al Bawaba (www.albawaba.com)

You may also like