Hot parent Altice submits bid to buy Partner
Altice Europe N.V. controlled by Patrick Drahi has submitted an offer to buy 100% of the shares of its rival in Israel, Partner Communications, from its receiver. The bid was made via Altice subsidiary HOT Telecommunication Systems. Partner value at $806 million.
If an agreement is reached with Partner’s receiver on behalf of the controlling partner Hutchison, the deal will go to the courts for approval.
This major merger, first in Israel’s Telecommunication industry, is natural for both companies since they share the same cellular network.
Hot had before merger talks with big rival Cellcom Israel. If the merger between Hot and Partner approves, Cellcom would be out to search for another strategic partner.
The merger is expected to make a big impact in the cellular market and the end-user prices.