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 on which Advent has extended the debt were not available but, clearly, the debt was needed to sweeten the deal for the buyer.
On a per share basis, the price translates to $17.50, which represents...