Israel’s Bezeq unit signs MOU to buy rival from Altice for $652 million

JERUSALEM: Bezeq Israel Telecom said on Monday its mobile unit Pelephone signed a preliminary deal to buy all of rival HOT Mobile for 2.1 billion shekels ($652 million) in cash from Patrick Drahi’s Altice International.

Bezeq, Israel’s largest telecoms group, said in a regulatory filing to the Tel Aviv Stock Exchange that signing the non-binding memorandum of understanding gives Pelephone 45 days to conduct due diligence and work towards a purchase agreement.