Bezeq NIS1.05 billion takeover of Yes

Overview:

• Bezeq acquired the 50.22% it did not already own in satellite TV provider Yes from Eurocom for a fee of up to NIS1.05 billion.  
• Israel's largest telecoms company, Bezeq, agreed to pay NIS680 million cash, and up to an additional NIS370 million, depending on tax synergies and Yes' performance in the three years following the sale.
• The controlling shareholders in both former state monopoly, Bezeq, and Eurocom are brothers Shaul and Yosef Elovitch; by combining the businesses they to intend to reduce costs and offer combined internet, telecoms, and TV packages that are competitive to those sold by its main rival Hot. 
• JP Morgan acted as financial advisor to Eurocom: Bank of America-Merril Lynch represented Bezeq. 

Ben Naylor - Regional editor