The stake will be sold to 012 Smile Communications, a provider of Internet service and overseas calling, Bezeq said in a statement to the Tel Aviv Stock Exchange.
The 012 Smile company is controlled by businessman Shaul Elovitch's Eurocom Holdings. Elovitch started in the communications business by importing Nokia cellular phones.
The deal is priced at NIS 8 ($2) a share, Bezeq said. Bezeq's shares closed at NIS 8.6 on Thursday.
The sale is conditional upon receiving regulatory approval by April 25, 2010.
The partners in Bezeq – media mogul Haim Saban, businessman Mori Arkin and the Apax Partners private equity fund – bought control of Bezeq four years ago from the government.