Delek-led group acquires Hot Mobile at NIS1.2b valuation
A group comprising Delek Israel, Keystone Infrastructure Fund, and Leumi Partners has signed an agreement to acquire Hot Mobile from telecom giant Altice at a valuation of approximately NIS 1.2 billion.
Under the transaction structure, Delek Israel and Keystone will each hold 40% of Hot Mobile, while Leumi Partners will hold the remaining 20%. The transaction includes approximately NIS 700 million in debt carried by Hot Mobile, alongside approximately NIS 500 million in cash consideration to be paid according to the buyers’ respective ownership stakes.
Hot Mobile has approximately two million subscribers and generates annual revenue of more than NIS 1.5 billion. The transaction comes as Delek Israel looks to expand its customer offering through potential telecom synergies, while Keystone is expected to focus on Hot Mobile’s infrastructure assets, including its shared PHI Networks platform with Partner.
Shibolet represented Delek Israel in the transaction, with a team led by Adi Salzman, Gal Giladi, Tamar Melech, Keren Maimon-Sandler, Nili Alsheikh Raviv, Hila Shreibman, Noa Kubansky, Mor Weiss, Tal Weinbergen, and Barry Golan.
Erdinast, Ben Nathan, Toledano advised Hot Telecommunications and Altice, spearheaded by Doni Toledano, Irina Kushel, Ron Ben Shachar, Alon Ovadia, Nomi Gerber, Michal Sivan, Eyal Birenberg, Lior Etgar, Peter Klibaner, and Kobi Barkan.
FBC & Co. acted for Leumi Partners. Gornitzky & Co. represented Keystone Infrastructure Fund.
