Bank Leumi has confirmed it is to sell its 15% stake in Israeli cable operator HOT to the Internet Service Provider Netvision. Last month Leumi said it had received an offer for the stake for which it will receive 480 million shekels (€90m).
The deal is expected to be completed by August 15, subject to first refusal rights from HOT’s other shareholders, and legal niceties. Payment will be made in two parts from which Leumi is expected to make net capital gains of 30 million and 15 million shekels.
Netvision is owned by IDB development, which also controls Cellcom, Israel’s largest mobile phone operator.
