Partner completes takeover of 012 Smile Telecom

Purchase was the largest non-real-estate acquisition in Israel in 2010.

By NADAV SHEMER
March 3, 2011 23:49
Partner completes takeover of 012 Smile Telecom

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Partner Communications confirmed Thursday the completion of its NIS 1.45 billion purchase of 012 Smile, after the takeover was approved Tuesday by the Communications Ministry and other regulators.

The mobile-network operator, which operates under the Orange brand name, purchased Ampal-American Israel Corporation’s stake in 012 Smile in a deal last October. The purchase was the largest non-real-estate acquisition in Israel in 2010.

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Partner CEO Ya’acov Gelbard said the purchase was an important strategic step in the company’s path to becoming a comprehensive communication group.

“This deal will expand the range of Partner’s services and products, to the benefit of Partner’s customers and the benefit of the broader public,” he said.

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