Golan Telecom in advanced sale talks

//Golan Telecom in advanced sale talks

Golan Telecom in advanced sale talks

By | 2016-09-21T12:07:49+00:00 September 21st, 2016|Business|0 Comments

Israeli mobile operator Golan Telecom Ltd. is in advanced talks to be acquired by either a consortium of Elco Holdings Ltd. (TASE: ELCO) and former Pelephone Communications Ltd. CEO Gil Sharon or Hezi Bezalel’s 018 Xfone Inc. (AMEX:XFN; TASE:XFN), as first reported last week by “Globes.” Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) notified the Tel Aviv Stock Exchange this morning that it is in advanced talks with both potential buyers on a network sharing agreement worth NIS 220-250 million per year over 10 years.

Market sources believe that the Elco-Gil Sharon consortium is the more likely buyer because of their greater willingness to close the deal almost immediately. Negotiations with Bezalel, it is believed, would be more protracted, and he is still looking for a partner to help finance the deal. Golan Telecom CEO Michael Golan and in particular his French partner Xavier Niel, are eager to close the deal and leave Israel as swiftly as possible.

Cellcom, however, said that it is unable to guarantee whether the regulator would approve any network sharing deal with Golan Telecom’s new owner.

Published by Globes [online], Israel business news – www.globes-online.com – on September 21, 2016

Copyright of Globes Publisher Itonut (1983) Ltd. 2016