Altice Europe’s Israeli subsidiary Hot Mobile made a bid to acquire local rival Partner Communications, in a move to boost the conglomerate’s presence in the country.
In a statement, Altice Europe said it submitted an offer to acquire 100 per cent of Partner Communications, though noted a final decision on the deal is yet to be taken and “it is yet uncertain that any such transaction will be concluded”.
Terms of the offer were not disclosed.
The move sees Altice Europe, which is owned by billionaire Patrick Drahi, show a commitment to its Israel operations, following a period of selling off its non-core assets to cut debt.
Consolidation needed for 5G
The Israeli market experienced a shake-up in 2012, allowing for the entry of a number of new companies, but the move left operators struggling to generate revenue due to increased competition.
In July 2019, the country launched a tender for a 5G auction, due to be held this year, offering a number of incentives to spark investment in new networks.
In comments to Reuters, Barclays analysts Tavy Rosner and Mathieu Robilliard said consolidation would be key in the market “to restore some form of price repair” and fuel investments in both 5G and fibre.Subscribe to our daily newsletter Back