Delek Retail Acquires HOT Mobile for 1.8 Billion Shekels in Completed Deal

The sale of HOT Mobile was finalized this evening, concluding a process that lasted over six months. HOT Mobile was sold to Delek Retail, a subsidiary of the Lahav L.R. Group, which won the tender with a bid of 1.8 billion shekels. Despite Pelephone offering a higher bid of 2.1 billion shekels, Delek Retail was preferred due to a higher likelihood of obtaining regulatory approvals.

The cash consideration amounts to 1.2 billion shekels, which is the figure the parties will report to the stock exchange. An additional 600 million shekels represent HOT Mobile's liabilities, which the acquiring group will assume. Delek Retail will hold 40% of the acquiring group, alongside Keystone Infrastructure Fund with 40% and Leumi Partners with 20%.

Although ownership is divided, management rights will remain with Delek Retail, managed by Yoram Eyal and controlled by Avi Levi, Uri Menzur, and Eli Lahav. The Delek Group, led by Yitzhak Tshuva, holds a 25% stake in Delek Retail.