Shaul Shani again tries to sell ECI to Russians

February 1, 2012 23:10


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ECI Telecom Ltd. chairman and controlling shareholder Shaul Shani continued Wednesday to talk to the Russian government about selling the Israeli telecommunications equipment company.

A year after it was reported that Shani had written to Russia's President Dmitry Medvedev about buying ECI for $2.5 billion, Medvedev has another possibility for buying the company, according to Russian newspaper Izvestia. This time, the potential buyer is Russian atomic energy giant Rosatom Nuclear Energy State Corporation, which is state owned.

According to the Russian newspaper, the talks on merging ECI into Rosatom are at a valuation of $5 billion, but it would appear that this refers to the total value of a project or activity in which ECI would be involved in Russia. ECI's value will probably be closer to $500 million.

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