Benzinga | Dec 16, 2021 04:57AM EST

Partner Communications Announced That the Court Has Approved a Transaction Subject to Closing Conditions to Purchase the Company's Shares Under Adv. Ehud Sol's Receviership

Partner Communications Company Ltd. ("Partner" or the "Company") (NASDAQ:PTNR) (TASE: PTNR), a leading Israeli communications operator, reports, that following its report dated November 25, 2021 regarding an offer to purchase 49,862,800 of the Company's shares held by S.B. Israel Telecom Ltd, that constitute approximately 27% of the Company's issued and outstanding share capital (the "Shares"), received by Advocate Ehud Sol as their permanent receiver, on December 14, 2021 the Tel Aviv District Court (the "Court") has granted an approval in principal, effective as of December 15, 2021, for the purchase of the Shares by a group of parties led by the Phoenix group, Mr. Avi Gabbay and Mr. Shlomo Rodav (the "Offeror"), in consideration for US $ 300,000,000 (the "Offer).

The Court's approval was subject to no other offer equal in value to that of the Offeror together with the required guarantee, to the satisfaction of the permanent receiver, being submitted by December 15, 2021. No such other offer has been submitted and therefore the Court's approval became effective as of December 15, 2021.

As detailed in the Company's report dated November 25, 2021, the Offer includes other customary closing conditions which have not been met yet.