PARTNER COMMUNICATIONS REPORTS THAT THE COURT HAS APPROVED A TRANSACTION SUBJECT TO CLOSING CONDITIONS TO PURCHASE THE COMPANY'S SHARES UNDER ADV. EHUD SOL'S RECEVIERSHIP

Rhea-AI Summary

On December 15, 2021, the Tel Aviv District Court approved a purchase offer for 49,862,800 shares of Partner Communications Company (NASDAQ: PTNR), representing about 27% of its share capital. The offer, valued at $300 million, is led by the Phoenix group and others, following a previous report on November 25, 2021. The Court's decision is contingent upon no competing offers being made, which was satisfied by the deadline. The transaction is subject to other customary closing conditions that remain unmet.

Positive

• Court approval for the purchase of 27% of shares may enhance investor confidence.
• The $300 million valuation indicates strong interest in the company's equity.

Negative

• Closing conditions for the transaction have not yet been met.

ROSH HA'AYIN, Israel, Dec. 16, 2021 /PRNewswire/ -- Partner Communications Company Ltd. ("Partner" or the "Company") (NASDAQ: PTNR) (TASE: PTNR), a leading Israeli communications operator, reports, that following its report dated November 25, 2021 regarding an offer to purchase 49,862,800 of the Company's shares held by S.B. Israel Telecom Ltd, that constitute approximately 27% of the Company's issued and outstanding share capital (the "Shares"), received by Advocate Ehud Sol as their permanent receiver, on December 14, 2021 the Tel Aviv District Court (the "Court") has granted an approval in principal, effective as of December 15, 2021, for the purchase of the Shares by a group of parties led by the Phoenix group, Mr. Avi Gabbay and Mr. Shlomo Rodav (the "Offeror"), in consideration for US $ 300,000,000 (the "Offer).

The Court's approval was subject to no other offer equal in value to that of the Offeror together with the required guarantee, to the satisfaction of the permanent receiver, being submitted by December 15, 2021. No such other offer has been submitted and therefore the Court's approval became effective as of December 15, 2021.

As detailed in the Company's report dated November 25, 2021, the Offer includes other customary closing conditions which have not been met yet.

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 does the recent court approval mean for PTNR shares?

The court approval allows the purchase of 27% of PTNR shares, potentially boosting investor confidence.

When was the court approval for PTNR shares granted?

The court approval was granted on December 15, 2021.

What was the value of the offer for PTNR shares?

The offer for the shares was valued at $300 million.

Who is leading the purchase offer for PTNR shares?

The purchase offer is led by the Phoenix group and other parties.

Are there any conditions for the purchase of PTNR shares?

Yes, the transaction is subject to customary closing conditions that have not yet been met.