The Bezeq group (TASE: BEZQ) notified the Tel Aviv Stock Exchange yesterday evening that its mobile telephony subsidiary Pelephone and telecommunications company Hot had signed a non-binding memorandum of understanding for the acquisition by Pelephone of the whole of Hot Mobile.
“The memorandum includes an outline for progress in the negotiations on a binding acquisition agreement, subject to due diligence examinations, to the formulation of commercial and legal agreements between the sides, and to the provisions of competition law. Under the memorandum, Pelephone will buy the entire ownership of Hot Mobile for NIS 2.1 billion cash, subject to adjustments,” the notifications says.
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Pelephone, headed by Ilan Sigal, has been given 45 days exclusivity for conducting the negotiations and completing the required examinations. The exclusivity period can be extended for a further 15 days. Completion of the deal will then be dependent on approval by the boards of directors of both companies and approval by the Ministry of Communications and the Competition Authority.
Hot Mobile is estimated to hold about 15% of the mobile telephony market in Israel.
Four months ago, Pelephone made an offer to buy Hot Mobile for NIS 2 billion. Last week, it raised its offer to NIS 2.1 billion, and set a deadline for the controlling shareholder in Hot, Patrick Drahi’s telecommunications group Altice, to decide by the beginning of this week. This is after the two sides have been in talks since the previous offer.
Published by Globes, Israel business news – en.globes.co.il – on November 17, 2025.
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