Businessman Ilan Ben-Dov's Scailex Corp. acquired Partner Communications from Hutchison Telecommunications International for a reported NIS 5.29 billion (about $1.38 billion), in one of the biggest transactions the Israeli market has seen in the past few years.
Partner Communications, which operates under the Orange brand name, is one of Israel's leading cellular service providers. According to company data, it has about 2.6 million subscribers – one third of the market.
"I'm thrilled and excited by the opportunity to work with such a wonderful company and its wonderful management. I thank all those who were involved in the acquisition process.
"(Scailex) has bought the strongest brand in the market and I can't wait to work with all the wonderful people who lead the company," Ben-Dov told Calcalist.
Hutchison's 51% share in the wireless carrier was sold for the equivalent of $17.50 per share, making for an approximate company value of $2.71 billion.
Scailex said the deal is still subject to a number of regulatory and other approvals but that it is expected to be finalized within three months.
Reuters, Golan Hazani, Anat Tzipkin and Shoham Levy contributed to this report