Ilan Ben-Dov
Photo: Tzvika Tishler
Apax in talks for Partner's controlling interest
Owner of Tnuva dairy, Psagot investment house is in most advanced stage of negotiations among four funds interested in acquiring control over communications company
Apax investment fund is expected to bid for the acquisition of Partner Communications from controlling shareholder, Ilan Ben-Dov.
Ben-Dov is seeking to sell at least half of his controlling interest in Partner (46%) which he holds through Scailex (44.5%) and Suny (1.5%).
The fund's investment bankers have recently held several meetings with Ben-Dov in which they expressed their interest in the deal, Calcalist has learned.
Stepping Down
Golan Hazani, Calcalist
Estimates on the market are that communication company's former CEO Amikam Cohen is also candidate to replace outgoing chairman, but Migdal chairman is favorite to win
Calcalist further learned that three additional funds have also expressed their wish to acquire the controlling interest but tare currently in less advanced stages of negotiations with Ben-Dov.
The funds are Blackstone, which acquired 47 shopping centers in the US from Elbit Imaging, Premira Fund which acquired the controlling stake of Netafim Irrigation, and Providence Fund.
The funds are at preliminary stages of examining the deal. Calcalist has learned that Ben-Dov is inclined to call a tender for which he will select an investment bank next week to lead the tender.
Six banks are applying for the position, including Morgan Stanley, Merrill Lynch and Credit Suisse.
Scailex, through which Ben-Dov holds Partner's controlling interest, reported last week that it was examining bringing in a partner. However, Calcalist has learned that most of the foreign funds are not interested in becoming a partner in the company but in acquiring the controlling stake from Ben-Dov.
Their representatives who met with Ben-Dov say he is not rejecting the possibility. "No large American private equity fund will enter the deal as a partner, only as the controlling shareholder," said a source with knowledge of the negotiations.
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