Partner Communications Reports That Adv. Ehud Sol Will Apply to the Court for the Approval of a Transaction Subject to Closing Conditions to Sell the Company's Shares Under His Receivership

Rhea-AI Summary

Partner Communications Company Ltd. (NASDAQ: PTNR) announces that Advocate Ehud Sol, the permanent receiver for 49,862,800 shares (approximately 27% of its capital) held by S.B. Israel Telecom Ltd., has received a $300 million purchase offer from a group led by Phoenix's Avi Gabbay and Shlomo Rodav. The offer is supported by Israeli institutional investors and is contingent on court and regulatory approvals. The transaction must close within 120 days of court approval, with a possible 30-day extension.

Positive

• The purchase offer of $300 million indicates strong investor interest in the company's shares.
• Support from institutional investors enhances the credibility of the offer.

Negative

• The transaction is subject to court and regulatory approvals, which introduces uncertainty.
• If not approved, the offer may not materialize, affecting shareholder confidence.

ROSH HA'AYIN, Israel, Nov. 25, 2021 /PRNewswire/ -- Partner Communications Company Ltd. ("Partner" or the "Company") (NASDAQ: PTNR) (TASE: PTNR), a leading Israeli communications operator, reports, that Advocate Ehud Sol, as the permanent receiver over 49,862,800 of the Company's shares held by S.B. Israel Telecom Ltd. ("SBIT"), that constitute approximately 27% of the Company's issued and outstanding share capital (the "Shares"), notified SBIT and the Company on November 24, 2021 (the "Notice"), that he received on said date an offer to purchase the Shares from a group of parties led by the Phoenix group, Mr. Avi Gabbay and Mr. Shlomo Rodav (the "Offeror"), on an "as is" basis, in consideration for US $ 300,000,000 (the "Offer) and that he supports the Offer and will apply to the Tel Aviv District Court in front of which the receivership proceedings are being conducted (the "Court") for its approval. Additionally, the holders of the Fixed Rate Secured Notes of SBIT have informed Advocate Ehud Sol that they support the Offer.

According to the Notice, several Israeli institutional investors are joining the Offeror, and their payment commitments under the Offer are backed by a guarantee of entities in the Phoenix group.

The Notice states that the Offer includes customary closing conditions, including approval of the transaction by the Court and by the Ministry of Communications and the Competition Authority, and must close within 120 days of the date of the Court approval, with the Offeror having an option to extend by an additional 30 days, otherwise the transaction will terminate.

About Partner Communications

Partner Communications Company Ltd. ("Partner") is a leading Israeli provider of telecommunications services (cellular, fixed-line telephony, internet and television services). Partner's ADSs are quoted on the NASDAQ Global Select Market™ and its shares are traded on the Tel Aviv Stock Exchange (NASDAQ and TASE: PTNR).

For more information about Partner see:
http://www.partner.co.il/en/Investors-Relations/lobby/

Contacts:

Mr. Tamir Amar Deputy CEO & Chief Financial Officer Tel: +972-54-781-4951

Mr. Amir Adar Head of Investor Relations & Corporate Projects Tel: +972-54-781-5051 Email: investors@partner.co.il

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SOURCE Partner Communications Company Ltd.

FAQ

What is the recent offer made for Partner Communications shares?

A group led by Phoenix's Avi Gabbay and Shlomo Rodav has made a $300 million offer for 49,862,800 shares of Partner Communications, constituting about 27% of its capital.

What is the status of the SBIT shares in Partner Communications?

The shares held by S.B. Israel Telecom Ltd. are under receivership, being handled by Advocate Ehud Sol.

What conditions must be met for the offer to proceed?

The offer requires approval from the Tel Aviv District Court and the Ministry of Communications, along with compliance from the Competition Authority.

How long does the offer for Partner Communications last?

The offer must close within 120 days after court approval, with an option for a 30-day extension.