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Internet Gold announces extended closing date for B Communications stake sale

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Internet Gold announces extended closing date for B Communications stake sale

The sale of Internet Gold - Golden Lines Ltd.'s 51.95% stake in B Communications Ltd. to private equity firm Searchlight Capital Partners LP is now expected to close on Nov. 7.

The Israeli telecom company previously anticipated the transaction to close on Oct. 31.

At the closing date, Internet Gold will sell its entire holdings in B Communications for 225 million Israeli shekels and will invest 345 million shekels in B Communications. Internet Gold will receive 310 million shekels par value of series C debentures, as well as 8,383,234 ordinary shares of B Communications.

B Communications' shareholders approved the planned sale in August. Internet Gold initiated the sale process in October 2018.

As of Oct. 16, US$1 was equivalent to 3.53 Israeli shekels.