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Saban says to give up controlling stake in Israel's Partner Communications

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U.S.-Israeli media magnate Haim Saban on Monday said he would give up control in...

FILE PHOTO - Israeli-American businessman Haim Saban arrives to attend the third and final 2016 presidential campaign debate between Republican U.S. presidential nominee Donald Trump and Democratic nominee Hillary Clinton at UNLV in Las Vegas, Nevada, U.S., October 19, 2016. REUTERS/Mike Blake

Saban bought a 30% stake in Partner, Israel’s second-largest mobile operator, from Scailex in 2013 using a $300 million loan from Hong Kong conglomerate Hutchison Whampoa . In a filing with the U.S. securities regulator, Saban said his company, SB Israel Telecom, had been in discussions with debt owners regarding the loan’s terms.

The value of Saban’s holdings in Partner have slid to 733 million shekels , less than the amount of the loan. Partner’s market value stands at 2.4 billion shekels.

 

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