March 27, 2018 / 7:41 AM / a year ago

Israel's Discount Investment makes offer for Spacecom stake

TEL AVIV, March 27 (Reuters) - Holding company Discount Investment Corp said it has offered to buy the 54.7 percent stake in Space Communications held by Eurocom for 160 million shekels ($46 million).

In addition, Discount would inject up to 40 million shekels in capital in Spacecom, which operates the Amos communication satellites.

The offer is subject to completion of due diligence and regulatory approvals.

Eurocom’s stake in Spacecom is worth 156 million shekels.

Discount, which is controlled by Argentinian businessman Eduardo Elsztain, had sought to acquire the indebted Eurocom group from businessman Shaul Elovitch but had to withdraw its offer due to difficulties relating to Eurocom’s holding in Bezeq Israel Telecom.

Discount would have had to sell its controlling stake in Cellcom , Israel’s largest mobile phone operator that competes with Bezeq, to win regulatory approval to buy Eurocom. ($1 = 3.4899 shekels) (Reporting by Tova Cohen Editing by Steven Scheer)

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