Partner Communications Ltd. on Thursday announced the closure of the sale of Hutchison Telecommunications's 51.2 percent stake in the country's second-biggest cellphone provider to Scailex Corporation for NIS 5.3 billion.
Scailex and its affiliates now hold approximately 45% of Partner's outstanding shares.
"I am thrilled and proud to have successfully completed the acquisition of the controlling interest in Partner and very excited at the prospect of joining such a valued company," Scailex Corporation Chairman Ilan Ben-Dov said. "Partner is one of the strongest and most valued companies in the Israeli economy, and I look forward to working with Partner's excellent management team and dedicated employees to continue and prosper in the future."
Following the completion of the transaction, the directors of Advent Investments Ltd., a wholly owned subsidiary of Hutchison Telecommunications, resigned from Partner's board of directors and and were replaced by Ben-Dov, who is also the controlling owner of Scailex Corporation; Ya'acov Gelbard, chairman of Tefron Ltd.; Yahel Sahar, Sailex's CEO; and Yaron Bloch, deputy CEO of Leumi Partners Ltd.
"I am convinced that the entry of a new controlling shareholder will take the company to new heights while building upon the tremendous assets it has built over the last decade, foremost of these being Partner's human resources and unique corporate culture as well as our service and brand leadership," Partner Communication's CEO David Avner said.
The deal passed the last regulatory hurdle Wednesday when it received the approval of Communications Minister Moshe Kahlon.