Partner Communications Company Ltd.NASDAQ
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  • Nov. 5, 2015, 1:32 AM
    • Amid mixed signals from Israel's government over the benefits of telecom consolidation, Cellcom Israel (NYSE:CEL) has announced an agreement to buy Golan Telecom for 1.17B shekels (about $300.7M).
    • That deal means an enterprise value of about 1B shekels for Golan and an EV/EBITDA multiple of about 5, Cellcom says. For the first half of 2015, Golan had revenues of 243M shekels, an EBITDA of 37M shekels, and net profit of 2M shekels.
    • It intends to operate lower-price brand Golan as an independent company, and finance the price through equity and debt (perhaps including a rights offering). "We currently expect that in addition to the NIS 400 million convertible note, we would issue approximately NIS 200 million of equity and the remainder from internal sources and a debt financing," the company said.
    • Last week, Israeli telecoms rallied as the director general of the country's Ministry of Communications, Shlomo Filber, said that too much competition had made prices too low: "I don’t see a problem with Cellcom, Partner (NASDAQ:PTNR) or Bezeq (OTCPK:BZQIY) buying Golan if they want ... The market will continue to be competitive even with four main players and other niche players."
    • That was before other ministers suggested they may be opposed to market consolidation. Cellcom had announced its intention to consider a transaction like this in a 6-K filed in August.
    • Previously: Israeli telecoms give back gains on more government consolidation talk (Oct. 27 2015)
    • Previously: Israeli telecoms rally as regulator suggests competition too heavy (Oct. 26 2015)
    | Nov. 5, 2015, 1:32 AM
  • Oct. 27, 2015, 11:52 AM
    • After a day of gains fueled by comments from Israel's top communications minister, the country's top telecoms are selling off today as other government officials signaled their opposition to consolidation.
    • Partner Communications (PTNR -3.3%) and Cellcom Israel (CEL -2.4%) were both lower after gaining more than 3.6% yesterday.
    • While the ministry's director general, Shlomo Filber, said yesterday that “I don’t see a problem with Cellcom, Partner or Bezeq buying Golan if they want," other government officials (including the finance ministry) oppose a Golan deal and Filber agreed to convey that opposition to Golan.
    • Partner said that most business was approved at its annual general meeting, including terms for CEO Isaac Benbenisti, board re-elections and compensation and the company's auditor, though shareholders voted down severance terms for former CEO Haim Romano.
    • Previously: Israeli telecoms rally as regulator suggests competition too heavy (Oct. 26 2015)
    | Oct. 27, 2015, 11:52 AM
  • Aug. 27, 2015, 11:04 AM
    • Cellcom Israel (NYSE:CEL) is off 2.5% in U.S. trading after it announced its initial review of a possible purchase of some or all of Golan Telecom, a rival that put itself on the block.
    • Bank Rothschild, representing Golan Telecom shareholders, has invited offers for the company -- a move that is likely to remove a party from the hotly competitive Israeli wireless market, and result in service price increases.
    • ADRs of peer Partner Communications (NASDAQ:PTNR) are 4.1% lower, and Bezeq (OTCPK:BZQIY) is down 3.4% in OTC trading.
    • Earlier, Cellcom closed down 4.7% in Tel Aviv; Partner closed down 5.3%.
    • Previously: Israeli telecoms up as former disrupter Golan Telecom hires bank to explore sale (Aug. 26 2015)
    | Aug. 27, 2015, 11:04 AM
  • Aug. 26, 2015, 10:37 AM
    • Israeli telecoms are surging today, as Golan Telecom -- a splashy entrant into the market that spurred fierce price cuts from competitors -- says it's hired a bank to explore selling itself.
    • A sale would take some time but likely then mean price hikes from competitors. Cellcom (CEL +16.1%), Partner Communications (PTNR +12.3%) and Bezeq (OTCPK:BZQIY +0.6%) were all up in Tel Aviv and U.S. trading.
    • Golan has 850K subscribers, about a third of that of market leader Cellcom.
    | Aug. 26, 2015, 10:37 AM
  • Jul. 13, 2015, 9:36 AM
    • Cellcom Israel (NYSE:CEL) is up 4.8% as it buys Home Cellular, another step in the consolidation of Israel's wireless market players.
    • The deal for the MVNO follows Pelephone's similar acquisition of MVNO YouPhone. The moves leave Rami Levy Hashikma as the only remaining mobile virtual network operator in the country.
    • Home Cellular has about 20K subscribers. Cellcom reportedly closed the deal last week but wasn't required to notify the stock exchange due to the size of the deal (a few million shekels).
    • Competitor Partner Communications (NASDAQ:PTNR), which often moves with Cellcom, is up 3.5%.
    | Jul. 13, 2015, 9:36 AM
  • Jun. 25, 2015, 11:00 AM
    • Partner Communications (PTNR +18.4%) and Cellcom Israel (CEL +6.2%) are leading telecom top gainers in U.S. trading today.
    • Israel's government has ended a years-long process by approving the merger between Bezeq (OTCPK:BZQIY) -- provider of Pelephone service -- and DBS Satellite Services ((Yes)), without conditions.
    • The Bezeq deal is said to be worth up to $278M and was approved at long last by Benjamin Netanyahu, acting as communications minister.
    • Bezeq had cited competition as its main case for the merger, particularly international backing that some operators in the market enjoy.
    | Jun. 25, 2015, 11:00 AM | 2 Comments
  • Dec. 3, 2012, 12:58 PM
    Media magnate Haim Saban has finally reached a deal to buy a controlling stake in Israeli carrier Partner (PTNR -1.6%): Saban Capital will pay holding company Scailex 250M shekels ($65M) and assume a $300M loan in exchange for a 30.7% stake. Scailex, which has been looking to sell a large chunk of its stake for at least 10 months, will continue to own 13.8% of Partner.
    | Dec. 3, 2012, 12:58 PM
  • Oct. 15, 2012, 12:18 PM

    Israeli carrier Partner Communications (PTNR +4.7%) rallies on news holding firm Scailex is in talks with media magnate Haim Saban about selling its stake in Partner: one report claims Saban will acquire a 35%-40% stake for $400M-$450M through a multi-stage deal. Rival Cellcom (CEL +5.3%) is also higher. (previous)

    | Oct. 15, 2012, 12:18 PM
  • Feb. 2, 2012, 1:04 PM

    Israeli mobile carrier Partner Communications (PTNR +4.7%) rises after Scailex, which owns a 44.5% stake in Partner, announces it has hired Deutsche and Lazard to assist in finding a buyer for at least part, and perhaps all, of its stake. It's added Deutsche is willing to provide potential buyers with a credit line of $1B, if necessary. (previously)

    | Feb. 2, 2012, 1:04 PM
  • Dec. 26, 2011, 6:46 AM

    Debt-laden Scailex says it's in talks to sell part of its stake in Partner Communications (PTNR). Scailex, which owns 44.5% of Partner, is reportedly looking to offload a 16% stake to P-E firm TPG. A possible price tag wasn't disclosed.

    | Dec. 26, 2011, 6:46 AM