By Lisa Kerner
Charlotte, N.C., Nov. 16 - Ampal-American Israel Corp. agreed to acquire the business of 012 Smile Communications Ltd. for approximately $318 million, the companies announced on Monday.
The transaction is subject to regulatory approval by the Israeli Ministry of Communication and the Israeli Antitrust Commissioner.
"012 will join our current main holdings in the energy and chemical sectors and diversify our business foundations to allow Ampal to further grow its business," Ampal chairman, president and chief executive officer Yosef A. Maiman said in a news release.
Stella Handler, CEO of 012 Smile, said the deal "represents an important step in finalizing our recently announced agreement to acquire the controlling stake in Bezeq - Israel Telecommunication Corp., Israel's largest telecommunications provider."
The companies did not provide additional details in their announcements on Monday.
J.P. Morgan plc and Fischer Behar Chen Well Orion & Co. advised 012 Smile in connection with the transaction.
012 is a Petach Tikva, Israel, communication services provider.
Ampal-American is a Tel Aviv-based investment firm.
| Acquirer: | Ampal-American Israel Corp.
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| Target: | 012 Smile Communications Ltd.
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| Announcement date: | Nov. 16
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| Transaction total: | $318 million
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| Expected closing: | Upon approvals
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| Stock price for acquirer: | Nasdaq: AMPL: $2.38 on Nov. 13
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| Stock price for target: | Nasdaq: SMLC: $15.42 on Nov. 13
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