CELJF - Partner Communications throws $58 million bid for rival Xfone into ring

Partner Communications (NASDAQ:PTNR) has launched an offer to buy the operations of rival Marathon 018 Xfone. The Israeli carrier is offering 187 million shekels (about $58.1 million) for the purchase, and it's likely facing at least a few other competitive bids, including one from Golan Telecom, itself swallowed up last year by Cellcom (OTCPK:CELJF). Partner's offer expires Sept. 9 and depends on receiving the necessary regulatory approvals. It plans to set a portion of the total 187 million-shekel purchase price aside as monthly temporary payments of 3 million shekels for a maximum of four months. The company says it would offer at least 70% of Xfone's workers continued employment for at least a year. Xfone's debt is reportedly around 60 million shekels (about $18.6 million).

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Partner Communications throws $58 million bid for rival Xfone into ring