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215 - Hutchison Telecommunications Hong Kong Holdings News Story

HK$1.28 0.0  1.6%

Last Trade - 9:08am

Sector
Telecoms
Size
Mid Cap
Market Cap £600.5m
Enterprise Value £107.3m
Revenue £552.0m
Position in Universe 1042nd / 5989

UPDATE 1-Altice Europe unit offers to buy Israel's Partner Communications

* Partner Comms has market cap of over $800 mln
    * Could be first major Israeli telecoms merger
    * Altice controlled by billionaire Patrick Drahi
    * Saban gave up controlling stake in Partner last year

 (Adds more detail and background)
    By Steven Scheer and Sudip Kar-Gupta
    JERUSALEM/PARIS, Jan 29 (Reuters) - Altice Europe's
 ATCA.AS  'HOT' subsidiary has offered to buy Israeli firm
Partner Communications  PTNR.TA , in what would be the first
major merger in Israel's telecom sector and the latest
acquisition for Franco-Israeli billionaire Patrick Drahi.
    "Altice Europe confirms that its fully owned subsidiary
'HOT' has submitted an offer for 100% of the share capital of
Partner Communications  PTNR.O . No final decision has been
taken, and it is yet uncertain that any such transaction will be
concluded and under which terms," Altice said on Wednesday.
    Partner Communications, which declined to comment on the
offer, has a market capitalisation of 2.8 billion shekels ($809
million), Refinitiv Eikon data shows.
    Partner Communications' shares, which dropped 16% last year,
jumped 5% on the Tel Aviv Stock Exchange. Altice Europe shares
rose 0.7%.
    Israeli telecom companies have seen revenue and profit
plunge in the wake of an industry shake-up in 2012 that led to
the entry of a host of new mobile phone providers, as well as
increased competition for internet and TV services.
    With some companies barely profitable, many of those Israeli
firms have so far baulked at investing in a new 5G network. HOT
and Partner share the same network.
    Partner has undergone a change in ownership after
U.S.-Israeli media magnate Haim Saban gave up his controlling
stake last year, which reverted to Hong Kong conglomerate
Hutchison Whampoa  0215.HK . Saban's shares are being held by a
receiver on behalf of Hutchison.
    Altice Europe has been selling non-core assets to cut its
debts, but the company has still been making acquisitions,
buying French fibre wholesale operator Covage for about 1
billion euros in November.  urn:newsml:reuters.com:*:nL8N2850N9
    Drahi also bought auction house Sotheby's last year in a
$3.7 billion deal.  urn:newsml:reuters.com:*:nL8N23O3ZJ
    ($1 = 3.4598 shekels)

 (Reporting by Sudip Kar-Gupta; editing by Jason Neely and Mark
Potter)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))
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