trending Market Intelligence /marketintelligence/en/news-insights/trending/xH-J43woYxtIBBHOKlrWkw2 content esgSubNav
In This List

Shareholders back PE firm's offer to buy controlling stake in B Communications

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

Blog

2022 broadband forecast shifts to market share battle with intense competition

Blog

Insight Weekly: Cryptocurrency's growth; green bond market outlook; coal investors' windfall

Blog

Elon Musk’s $44B Twitter Deal by the Numbers


Shareholders back PE firm's offer to buy controlling stake in B Communications

Shareholders of B Communications Ltd. and Internet Gold - Golden Lines Ltd. have approved Searchlight Capital Partners LP's updated offer to buy a controlling stake in B Communications.

The updated investment offer also includes a short exclusivity period, the company disclosed in a regulatory filing.

Searchlight Capital offered a total equity investment of 330 million Israeli shekels in B Communications, of which 260 million shekels will be invested in the telco and another 70 million would be offered to its equity shareholders. Internet Gold also agreed to invest 310 million shekels in B Communications in exchange for a new 310-million-shekel tranche of series C debentures, which will be issued at par.

Searchlight Capital had earlier offered to buy all of Internet Gold's shares in the Israel-based telco at 17 shekels each, to be paid at deal closing, and said it intends to pay up to an additional 8 shekels per share after the closing if certain targets are met.

Internet Gold initiated a process to sell its holdings in B Communications in October 2018. The potential deal is subject to customary closing conditions, including legal proceedings and necessary legal approvals.

As of May 17, US$1 was equivalent to 3.57 Israeli shekels.