Israel antitrust authority clears Searchlight to buy Bezeq parent

B Communications

16/07/2019 14:39

JERUSALEM, July 16 (Reuters) - Israel's competition agency
on Tuesday approved a deal that would allow Searchlight Capital
Partners to take control of Israel's largest telecoms group,
Bezeq Israel Telecom  BEZQ.TA .
    A spokeswoman for the Antitrust Authority said there were no
issues with the proposed deal made a month ago, in which
Searchlight will inject 640 million shekels ($180.5 million)
into B Communications  BCOM.TA , whose single asset is a 26.34
percent controlling stake in Bezeq.
    BCom's board has already approved Searchlight's bid.
 urn:newsml:reuters.com:*:nL4N23V3IO
    Internet Gold  IGLD.TA , BCom's parent, has been searching
for a buyer for its majority stake in BCom since mid-2018 under
pressure from bondholders.
    Following the transaction's completion, BCom will be able to
repay its debts, including multiple bond series.
    Internet Gold is controlled by Israeli holding company
Eurocom, which was issued a liquidation order a year ago by a
Tel Aviv court so it can pay back huge debts owed to Israeli
banks.
    ($1 = 3.5465 shekels)

 (Reporting by Steven Scheer; Editing by Tova Cohen)
 ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters
Messaging: steven.scheer.thomsonreuters.com@reuters.net;
Twitter: @StevenMScheer))