February 25, 2018 / 7:33 AM / 23 days ago

Eurocom says creditors approve Saidoff buyout offer

JERUSALEM, Feb 25 (Reuters) - An offer to buy holding company Eurocom, the controlling shareholder of Israel’s largest telecoms group Bezeq, has been accepted by Eurocom’s creditors and sent to court for approval, a subsidiary said on Sunday.

If approved, the deal would transfer ownership of Eurocom to a group of investors led by U.S.-Israeli businessman Naty Saidoff, Eurocom unit Internet Gold Golden Lines said on Sunday.

“The proposed arrangement is based on significant capital investments to be made by the investor in Eurocom, as well as the investor helping to settle the balance of Eurocom and the privately held companies’ debt,” said Internet Gold.

It did not provide further details or say when a court decision was expected.

Control of Eurocom will only be handed over once regulatory approval is obtained, it said.

Eurocom is laden with nearly 1 billion shekels ($287 million) in debt. Its chairman, Shaul Elovitch, who was recently arrested on allegations including fraud, bribery and securities offenses, is under pressure to sell the company.

$1 = 3.4848 shekels Reporting by Ari Rabinovitch; Editing by Tova Cohen

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