[November 21, 2009] Ampal to Purchase the Business of 012 Smile Communications Tweet Nov 21, 2009 (Close-Up Media via COMTEX) -- Ampal-American Israel announced that a subsidiary of Ampal has signed an agreement with 012 Smile Communications to purchase the current on-going business of 012 for 1.2 Billion New Israeli Shekels, or approximately $318 Million. The transaction is subject to customary closing conditions, including the regulatory approvals of the Israeli Ministry of Communication and the Israeli Antitrust Commissioner. "We are eager to purchase of 012's business which is another step toward achieving our goal of building a portfolio of assets with steady cash flow," Yosef A. Maiman, Chairman, President and CEO of Ampal, said. "012 will join our current main holdings in the Energy and Chemical sectors and diversify our business foundations to allow Ampal to further grow its business." 012 is a provider of communication services in Israel, offering a range of broadband and traditional voice services. The company's broadband services include broadband Internet access with a suite of value-added services, specialized data services and server hosting, as well as services such as local telephony via voice over broadband and a WiFi network of hotspots across Israel. Traditional voice services include outgoing and incoming international telephony, hubbing, roaming and signaling and calling card services. 012 Smile.Communications services residential and business customers, as well as Israeli cellular operators and international communication services providers through its integrated multipurpose network, which allows the company to provide services to almost all of the homes and businesses in Israel. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]