Searchlight Capital offers up to $133 mln for control in Bezeq Tel

B Communications

10/02/2019 13:40

JERUSALEM, Feb 10 (Reuters) - U.S. private investment firm
Searchlight Capital Partners has offered up to 485 million
shekels ($133.3 million) for a controlling stake in the parent
of Bezeq Israel Telecom  BEZQ.TA , according to a regulatory
filing.
    Internet Gold  IGLD.TA  has been searching for a buyer for
its majority stake in B Communications  BCOM.TA  since mid-2018
under pressure from bondholders. BCom's single asset is a 26.34
percent controlling stake in Bezeq, Israel's largest telecoms
group.
    Internet Gold said on Sunday it received an offer from
Searchlight to buy its 19.4 million BCom shares for 17 shekels
each to be paid at the closing plus up to another 8 shekels a
share contingent on meeting certain targets.
    Searchlight also offered a second option of 17.5 shekels a
share with no further conditions.
    BCom was down 1.9 percent at 16.35 shekels in afternoon
trading.
    Searchlight will enter a seven-day negotiation period on
Feb. 14. Internet Gold said the proposal has not yet been
examined by its board of directors and expects the plan to be
discussed at Thursday's bondholders' meeting.
    ($1 = 3.6394 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))