B Communications, Bezeq’s Controlling Shareholder, Appoints Ajit Pai, Former Chairman of the U.S. FCC, to its Board of Directors

Rhea-AI Summary

B Communications Ltd. (NASDAQ: BCOM) has appointed Ajit Pai, former FCC Chairman, to its Board of Directors effective May 4, 2021. Pai's extensive experience in telecommunications and regulatory policy is expected to benefit BCOM and its subsidiary, Bezeq, the largest telecommunications provider in Israel. His past initiatives at the FCC include closing the digital divide and advancing wireless technologies. BCOM aims to strengthen Israel's digital infrastructure as it transitions from a start-up to a scale-up nation.

Positive

• Ajit Pai's extensive telecommunications experience expected to enhance BCOM's strategic initiatives.
• His leadership at the FCC included major advancements in digital infrastructure, which can be leveraged by BCOM.

Negative

• Concerns regarding continuity and experience gaps with the addition of a new board member.

Tel Aviv, Israel , May 04, 2021 (GLOBE NEWSWIRE) -- B Communications Ltd. (NASDAQ Global Select Market and TASE: BCOM) (“BCOM”), a holding company with a controlling interest in Israel’s largest telecommunications provider, Bezeq, The Israel Telecommunication Corporation Limited (“Bezeq”) (TASE: BEZQ), today announced the appointment of Ajit Pai, the former Chairman of the U.S. Federal Communications Commission (“FCC”), to its Board of Directors, effective May 4, 2021.

Prior to joining Searchlight Capital Partners, L.P. (“Searchlight”) as a Partner, Mr. Pai was the Chairman of the FCC, which he led from 2017 until 2021. He first joined the FCC as a Commissioner in 2012. During Mr. Pai’s tenure as Chairman, he implemented major initiatives to help close the digital divide; advance U.S. leadership in 5G, Open Radio Access Networks, Wi-Fi 6, and other wireless technologies; promote innovation; protect consumers, public safety, and national security; and make the agency itself more open, transparent, and data-driven. 

"I am thrilled that Ajit is joining our talented board, and I look forward to BCOM benefiting from his extensive experience in telecommunications and regulation which spans more than 20 years,” said Tomer Raved, BCOM CEO. “It’s great to see such a high-caliber individual joining Israel’s leading telecom group. Ajit’s perspectives and understanding of the next generation communication infrastructure underscores our focus on bringing Israel to the forefront of telecommunications, where this country belongs.”

Earlier in his career, Mr. Pai served in various positions of increasing responsibility at the FCC, the U.S. Department of Justice and the U.S. Senate. Before joining the FCC, he worked as a Partner at the law firm of Jenner & Block and as in-house counsel at Verizon Communications.

Commenting on his new appointment, Mr. Pai added: “I am delighted to join BCOM’s board to help support Bezeq’s significant contributions to the Israeli digital infrastructure sector.  I am deeply passionate about the potential of communications technologies to improve people’s lives.  The past year has underscored the importance of these technologies to consumers in Israel, as well as those around the world. Looking ahead, stronger digital infrastructure will be critical as Israel continues what has been called its transition from a start-up nation to a scale-up nation.  I look forward to helping BCOM and Bezeq achieve this vision of a fully-connected Israel, drawing in part on my previous experience leading a novel collaboration between the U.S. and Israel governments on digital infrastructure.”

Darren Glatt, Partner at Searchlight and Chairman of the BCOM Board of Directors added: “Given our strong presence in the digital infrastructure space and Ajit’s distinguished career in the industry, we are excited to have him join the BCOM board. His achievements at the FCC had a substantial impact on the broadband, wireless, and broadcast sectors, and his deep knowledge will be invaluable to BCOM and its efforts to support Bezeq around its strategic initiatives to continue to bring best-in-class telecommunications services to Israeli businesses and consumers.”

About B Communications Ltd.

B Communications Ltd. is a holding company with a controlling interest in Israel’s largest telecommunications provider, Bezeq. BCOM is controlled by its majority shareholders, Searchlight Capital Partners, L.P. (60.18%) and T.N.R Investments Ltd (11.39%). Our controlling shareholders have extensive telecom experience and financial strength, representing significant business and management added value for the Bezeq Group. Searchlight has proven and successful experience in global investments in communications companies as well as upgrading processes such as infrastructure and technology.

About Searchlight Capital Partners, L.P.

Searchlight is a global private investment firm with over $8 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.

Media Contact
Yuval Dadush
Scherf Communications
yuval@scherfcom.com

FAQ

What is the significance of Ajit Pai's appointment to B Communications Ltd. board?

Ajit Pai's appointment is significant due to his extensive experience in telecommunications and regulation, which is expected to guide B Communications in enhancing its strategic initiatives.

When was Ajit Pai appointed to B Communications Ltd. board?

Ajit Pai was appointed to the board of B Communications Ltd. effective May 4, 2021.

What is Ajit Pai's background prior to joining B Communications Ltd.?

Prior to joining B Communications, Ajit Pai was the Chairman of the FCC and has worked in various roles in telecommunications regulation over his 20-year career.

How might Ajit Pai's experience impact B Communications Ltd.?

Ajit Pai's background in digital infrastructure and telecommunications regulation may provide B Communications with insights to strengthen its services and enhance its competitive position in Israel.