Delek Israel makes $594 million bid for Hot Mobile |
Delek Israel has inked a non-binding agreement to acquire Hot Mobile from billionaire Patrick Drahi’s Altice International in a deal worth NIS 1.88 billion ($594 million), according to a regulatory filing late on Monday.
As part of the initial agreement, Delek Israel, an operator of gas stations and convenience stores, has been granted a 60-day exclusive due diligence period to negotiate and sign a binding deal with Altice to buy Hot Mobile, which is part of Hot Telecommunications Systems. A binding agreement for the deal will be subject to approvals by the Communications Ministry and the Israel Competition Authority.
Delek Israel is 39.6 percent owned by Lahav LR Real Estate. Other shareholders are businessman Uri Mantzur and Itzhak Tshuva’s Delek Group through its subsidiary Delek Petroleum.
The acquisition is part of Delek Israel’s strategy to expand and create substantial additional........