Hong Kong-based Hutchison holds 27% of Israel’s Companion Communications.
Funding fund Apollo is analyzing the opportunity of shopping for Hong Kong-based Hutchison’s stake in Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR). The fund has been mulling the deal for a number of months, and negotiations have apparently now made progress. Hutchison has a 27% stake in Companion. The shares are held by a trustee, due to the issue of awarding a management allow to a Chinese language firm in an Israeli telecommunications firm, owing to a US veto.
Hutchison has not been in any hurry to promote the shares to this point, because it waited for Companion’s share value to rise.
Hutchison obtained the shares in Companion when Haim Saban, the earlier controlling shareholder within the firm, returned his holding to it, following a requirement for fee of $300 million in relation to a mortgage he took from Hutchison to finance the deal during which he bought Hutchison’s stake in Companion.
Printed by Globes, Israel enterprise information – en.globes.co.il – on August 5, 2021
© Copyright of Globes Writer Itonut (1983) Ltd. 2020
Shiri Habib-Valdhorn and Gad Perez