Avi Gabay’s huge deal: This is the amount offered

by time news

Following the resignation of Cellcom: Avi Gabay, together with Shlomo Rodev and the Arkin group of Mori Arkin, offer $ 300 million to acquire control of the communications company ‘Partner’.

The chairman of the Labor Party and former minister, Avi Gabay, who announced his resignation as CEO of Cellcom yesterday (Sunday), together with Shlomo Rodev and the Arkin group of Murray Arkin, are offering $ 300 million to acquire control of the communications company Partner. This was reported in Calcalist.

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The sense of accountability? Avi Gabay leaves Cellcom

A big deal is being made: the reason for Avi Gabay’s resignation

This is a process that lasted several weeks, as part of which a group of investors was formed to acquire control of Partner, Cellcom’s major competitor in the cellular market, from the Chinese Hutchison.

Another significant partner in the emerging purchasing group is businessman Mori Arkin, who together with Haim Saban and the Apax Fund previously held control of Bezeq – a holding company that generated a profit of billions of shekels. Rodev served as Bezeq’s chairman on behalf of Apax, Saban Varkin and Gabay as the company’s CEO.

According to the report, the group also includes three institutional entities, headed by the Phoenix Insurance Company, while the Menora-Mivtachim Group and Clal Insurance Company are also expected to participate together in financing the transaction as financial investors. The group is offering $ 300 million for the shares – exactly the amount Hutchison is demanding. The offer was made to Hutchison for a limited time of a few days after which it would expire.

As you may recall, yesterday it was reported that Avi Gabay is conducting advanced contacts, together with Shlomo Rodev and the Arkin group of Mori Arkin – for the acquisition of control of Partner. These advanced contacts shed light on the circumstances of Gabay’s resignation from the communications company Cellcom. This follows a report of resignation against the background of squeaks in Gabay’s relationship with the controlling shareholders of Cellcom, the brothers Mikey and Danny Zalkind.

Gabay joined Murray Arkin to acquire control of rival company Partner, and yesterday it became clear that the group’s senior partners are a number of factors that teamed up with Arkin to acquire Gabay, with Rodav and Gabay leading the group.

Rodev served as chairman of Bezeq until about a year ago, and following disagreements with the controlling shareholder Keren Cerchlight left, and Gil Sharon was appointed in his place. Rodev is considered to have recovered Bezeq from the trauma of the 4000 case under Shaul Alovich.

Gabay was appointed CEO of Cellcom in early 2020 by the then controlling shareholder Eduardo Elstein and who served as chairman of Ami Erel. Prior to that, Gabay served as chairman of the Labor Party, and before that he served as CEO of Bezeq.

Avi Gabay previously tried to make a purchase of Cellcom in a deal with Management Buyout – a move in which the company’s management is leading the deal and is part of the acquiring group – but encountered a cold shoulder from the Zelkind brothers. Apparently his ambition is for the next station to be part of the ownership, not an employee manager, hence the idea to run for a partner.

Arkin is not new to the field either. It constituted 10% of Bezeq’s controlling interest during the Apax and Saban era, when Gabay managed the company, so the communications business is no stranger to him. The Arkin Group manages billions of shekels in assets in the family holding company managed by Nir Arkin.

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