Partner Communications Notes the Closing of the Transaction between Hutchison Telecom and Scailex
October 29 2009 - 5:40AM
Business Wire
Partner Communications Company Ltd. ("Partner" or the
"Company") (NASDAQ:PTNR)(TASE:PTNR), a leading Israeli mobile
communications operator, notes the closing of the transaction
between Advent Investments Pte Ltd. ("Advent") a wholly-owned
subsidiary of Hutchison Telecommunications International Limited
("Hutchison Telecom") and Scailex Corporation Ltd. ("Scailex"), an
Israeli corporation listed on the Tel Aviv Stock Exchange, pursuant
to which Advent sold to Scailex its entire 51.2 % equity interest
in Partner for a consideration of approximately NIS 5.3 billion,
which represents approximately NIS 67 per Partner share. In
parallel to the closing of the transaction, and as a result of
various subsequent transactions, Scailex and its affiliates hold
approximately 45% of Partner's outstanding shares.
Following the completion of the transaction, Advent directors
resigned from Partner's Board of Directors and the following new
directors were appointed: Mr. Ilan Ben Dov, Scailex's chairman and
controlling owner, Mr. Yacov Gelbard, chairman of Tefron Ltd., Mr.
Yahel Sachar, Sailex's CEO and Mr. Yaron Bloch, Deputy CEO of Leumi
Partners Ltd.
Mr. Canning Fok, Hutchison Telecom's chairman, commented: "We
are proud to have built Partner into a respected and valuable
company. I would like to take this opportunity to thank the
management team and all the staff at Partner for their dedication
and hard work throughout.”
Mr. David Avner, Partner's CEO, commented: "I would like to
congratulate Scailex, its business partners and Scailex's chairman,
Mr. Ilan Ben Dov, for the successful completion of the acquisition
of Partner's controlling interest and warmly welcome them on board.
Partner is an outstanding company and I am convinced that the entry
of a new controlling shareholder will take the Company to new
heights while building upon the tremendous assets it has built over
the last decade, foremost of these being Partner's human resources
and unique corporate culture as well as our service and brand
leadership. I would also like to take this opportunity to thank
Hutchison Telecom and its chairman, Mr. Canning Fok, for creating
such a high standard company and providing Partner with an
everlasting support that made it the leading telecom company it has
become."
Mr. Ilan Ben-Dov, Scailex's chairman, commented: "I am thrilled
and proud to have successfully completed the acquisition of the
controlling interest in Partner and very excited at the prospect of
joining such a valued company. Partner is one of the strongest and
most valued companies in the Israeli economy, and I look forward to
working with Partner's excellent management team and dedicated
employees to continue and prosper in the future."
Shareholders are referred to the announcement made by Scailex
earlier today for more details.
Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the US Securities Act of 1933, as
amended, Section 21E of the US Securities Exchange Act of 1934, as
amended, and the safe harbor provisions of the US Private
Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may", "project", "goal", "target" and similar expressions often
identify forward-looking statements but are not the only way we
identify these statements. All statements other than statements of
historical fact included in this press release regarding our future
performance, plans to increase revenues or margins or preserve or
expand market share in existing or new markets, reduce expenses and
any statements regarding other future events or our future
prospects, are forward-looking statements.
We have based these forward-looking statements on our current
knowledge and our present beliefs and expectations regarding
possible future events. These forward-looking statements are
subject to risks, uncertainties and assumptions about Partner,
consumer habits and preferences in cellular telephone usage, trends
in the Israeli telecommunications industry in general, the impact
of current global economic conditions and possible regulatory and
legal developments. For a description of some of the risks we face,
see "Item 3D. Key Information - Risk Factors", "Item 4. -
Information on the Company", "Item 5. - Operating and Financial
Review and Prospects", "Item 8A. - Consolidated Financial
Statements and Other Financial Information - Legal and
Administrative Proceedings" and "Item 11. Quantitative and
Qualitative Disclosures about Market Risk" in the form 20-F filed
with the SEC on April 27, 2009. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this press release might not occur, and actual results may
differ materially from the results anticipated. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Partner
Communications
Partner Communications Company Ltd. ("Partner") is a leading
Israeli provider of telecommunications services (cellular,
fixed-line telephony and internet services) under the orange™
brand. The Company provides mobile communications services to 2.944
million subscribers in Israel (as of June 30, 2009). Partner’s ADSs
are quoted on the NASDAQ Global Select Market™ and its shares are
traded on the Tel Aviv Stock Exchange (NASDAQ and TASE: PTNR).
Partner is a subsidiary of Scailex Corporation Ltd. ("Scailex").
Scailex's shares are traded on the Tel Aviv Stock
Exchange under the symbol SCIX and quote on "Pink Quote" under
the symbol SCIXF.PK. Scailex currently operates in three major
domains of activity: 1) financial assets management and
entrepreneurship, 2) the sole import, distribution and maintenance
of Samsung mobile handset products primarily to the three major
cellular operators in Israel, and 3) distribution and sale of
various manufacturers' mobile handsets, accessories and maintenance
services, through a chain of retail stores and booths ("Dynamic"),
to end customers of Cellcom Israel Ltd. ("Cellcom"). As part of the
acquisition of the controlling stake in Partner, Scailex announced
to Cellcom the termination of the distribution agreement through
Dynamic, effective July 1, 2010.
For more information about Scailex, see
http://www.scailex.com/.
For more information about Partner, see
http://www.orange.co.il/investor_site/.
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