Mergers and Acquistions News
Categories: Telecoms
August 13th 2009, 16:58PM
Hutchison Telecom, which recently merged with Vodafone's Australian business, has announced that its subsidiary Advent Investments has entered into a conditional agreement to divest its 51.3 per cent equity interest in Partner Communications.
Israeli company Scailex Corporation will acquire Advent's entire equity interest in Partner for a consideration of approximately $1,381 million (£832 million), representing a value of $17.50 (£10.55) per partner share.
The transaction, which is expected to close in the fourth quarter of 2009, is believed to see an estimated gain before tax of $1 billion (£600 million) for Hutchison Telecom.
Canning Fok, chairman of Hutchison Telecom, commented: "We are proud to have built Partner into a respected and valuable company and we believe this is the right
time to monetise the gain from our investment for the benefit of the company and its shareholders."
Hutchison Telecoms has recorded a 764.4 per cent increase in profits for the six month period to June 30th, following its merger with Vodafone and subsequent sale of the 3 business.
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