S.B. Israel Telecom Purchases Controlling Interest in Partner Communications
S.B. Israel Telecom Ltd., an affiliate of Saban Capital Group, Inc., recently announced that it has purchased
the controlling interest in Partner Communications Company Ltd., a provider of communications services in Israel, from Scailex Corporation Ltd. During the transaction, Saban Capital Group received legal advice from Zellermayer, Pelossof, Rosovsky, Tsafrir, Toledano & Co. Advocates and Skadden, Arps, Slate, Meagher & Flom LLP, financial advice from Deutsche Bank Israel and transaction advisory services from KPMG Somekh Chaikin.
Partner Communications Company Ltd. ('Partner') is a provider of telecommunications services (cellular, fixed-line telephony and Internet services) under the orange brand. Partner also provides mobile communications services to approximately three million subscribers in Israel and provides international long distance services, Internet services and local telecommunication fixed-line services (including telephony services using VOB) under the 012 Smile brand. 012 Smile is a wholly owned subsidiary of Partner Communications.
Haim Saban, Chairman and CEO of Saban Capital Group said, "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."
Saban Capital Group is a private investment firm based in Los Angeles specializing in the media, entertainment, and communication industries. Founded in 2001, the company currently makes both controlling and minority investments in public and private companies and takes an active role in its portfolio companies.
Adam Chesnoff, president and COO of Saban Capital Group said, "We are excited about our investment in Partner and to be re-entering the Israeli market. We would also like to convey our appreciation to Partner's dedicated employees and the excellent management team headed by CEO Haim Romano. Together, we will strengthen the Company for the benefit of its employees, customers and stakeholders."
Edited by Brooke Neuman
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