Hutchison pockets $1.38 billion from stake in Israel's Partner Communications

Li Ka-shing's Hutchison Telecommunications has sold its stake in Israel's Partner Communications to local firm Scailex for $1.38 billion.

Hutchison Telecommunications International HTIL has sold its 51.3% controlling interest in Israeli telecommunications company Partner Communications to Scailex Corporation for $1.38 billion.

HTIL, which is part of the business group controlled by Hong Kong tycoon Li Ka-shing, owns its stake in Partner through a wholly owned subsidiary, Advent Investments, which is incorporated in Singapore.

The consideration is split between $1.08 billion in cash and $300 million of debt, which Advent will provide to Scailex. Terms...

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