Hutchison Telecom announced that it has sold its 51% stake in Israel’s Partner Communications to the local handset distributor, Scailex Corp, for approximately $1.38 billion. Of the amount, Hutchison will get about $1,081 million in cash, and the rest of the money ($300 million) in form of a secured debt instrument.
The transaction is expected to close in Q4 2009 conditional on Israeli regulatory approvals and Hutchison Telecom’s shareholders’ approval.
As for the remaining shares of Partner Communications, 43.4% is listed on the local stock exchange and 5.3% is held by the founding shareholders.
Going forward, Hutchison Telecom will focus on developing its existing operations in Indonesia, Vietnam and Sri Lanka…
[Via: CellularNews]