Eurocom's Elovitch mulls Bezeq or Partner acquisition: Elovitch has already approached Bank Leumi to lead a consortium of financiers.
May 31, 2009 (Globes - McClatchy-Tribune Information Services via COMTEX) --
Eurocom Group owner Shaul Elovitch is holding preliminary negotiations with shareholders of Bezeq Israel Telecommunications Company Ltd. (TASE:BZEQ) and Partner Communications Co. Ltd. (Nasdaq: PTNR; TASE:PTNR; LSE:PCCD) with a view to expand his communications investments. Alovitz already controls Internet Gold Ltd. (Nasdaq: IGLD; TASE:IGLD) and its subsidiary 012 Smile.Communications Ltd. (Nasdaq:SMLC; TASE: SMLC).
Sources inform "Globes" that Elovitch is already investigating his options for financing the deal and has checked if Bank Leumi (TASE:LUMI) would be prepared to lead a consortium of banks for the purpose. However, those sources stressed that these were only preliminary discussions and not negotiations that are obliged to be reported.
Elovitch would also consider acquiring Hot Cable Systems Media Ltd. (TASE: HOT) if his attempts to buy Bezeq or Partner fails, although the recent investment by Frenchman Patrick Drahi in HOT decreases that likelihood.
Elovitch also holds a 32 percent stake in Bezeq's satellite broadcaster subsidiary, YES, officially known as DBS Satellite Services (1998) Ltd. But either Alovitz or Bezeq needs to sell their stake in the company following a legal dispute with Bezeq unlikely to relinquish their hold on a company they see as a strategic asset. For Elovitch, buying Bezeq could solve this problem.
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