Elron ups Partner stake

Upon completion of the deal, which is subject to regulatory approval, the Tel Aviv-based company would increase its stake in Partner 2.6 percent from 2%.

Elron Electronic Industries Ltd. on Wednesday agreed to buy 823,000 shares in Partner Communications Company Ltd. from Polar Communications for $5.6 million, Elron. Upon completion of the deal, which is subject to regulatory approval, the Tel Aviv-based company would increase its stake in Partner 2.6 percent from 2%. Partner, which operates the Orange cellular network in Israel, is 51.8% owned by Hong Kong-based Hutchison Telecommunications International Ltd., which is looking to sell its share. Elron, through its subsidiaries, is active in the medical devices, information and communication technology, semiconductors and advanced materials fields.