Partner Communications Notes Hutchison Telecom to Sell Its Stake in Partner

Partner Communications, an Israeli mobile communications operator, notes the announcement made by its controlling shareholder Hutchison Telecommunications International Limited that its subsidiary Advent Investments Pte Ltd has entered into a conditional agreement with Scailex Corp., an Israeli corporation listed on the Tel Aviv Stock Exchange.

According to company officials, the agreement is to sell its entire 51.3 percent equity interest in Partner for a consideration of approximately US$1,381 million, which represents US$17.50 or approximately NIS 67 per Partner share.

The transaction is expected to close in the fourth quarter of 2009 conditional on Israeli regulatory approvals and Hutchison Telecom's shareholders' approval.

Canning Fok, Chairman of Hutchison Telecom and Partner, said, "This transaction brings to realization the significant value that we have created in Israel. We are proud to have built Partner into a respected and valuable company and we believe this is the right time to monetize the gain from our investment for the benefit of Hutchison Telecom and its shareholders. I thank the management team and all the staff at Partner for their dedication and hard work throughout."

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