Hutchison to sell Partner Communications stake

Wednesday, August 12, 2009 7:55 PM

(Source: Associated Press/AP Online) tracking

WASHINGTON - Hutchison Telecommunications International Ltd. said it has reached an agreement to sell its 51.3 percent stake in Israeli wireless carrier Partner Communications Co. Ltd. to Scailex Corp. Ltd. for $1.38 billion in cash and debt.

Israel-based Scailex will purchase 78.94 million Partner shares at $17.50 each from Advent Investments Pte. Ltd., a unit of Hong Kong-based Hutchinson. The company said it expects to book a pretax gain of about $1 billion upon completion of the deal, expected in the fourth quarter.

Partner Communications shares rose 58 cents, or 3.4 percent, to close at $17.79 Wednesday. Shares of Hutchison Telecommunications rose 13 cents, or 3.5 percent, to finish at $3.86.

A service of YellowBrix, Inc.

Related Stories