Mergers and Acquistions News
Categories: Telecoms, Software
July 20th 2011, 17:07PM
Israeli cable TV firm Hot is set to acquire mobile phone operator Mirs in a bid to compete with rival telecommunication groups.
Hot has announced that it will pay 1.3 billion shekels (£234 million) for Mirs, which is owned by Patrick Drahi, the French businessman who also controls HOT through Cool Holdings Ltd.
Hot will seek bank loans to finance the deal, which is still subject to approval by Israeli regulators
"The acquisition of Mirs will enable the company to expand the amount and diversity of the services offered to clients and will provide a competitive solution to other telecommunication groups operating in the market," Hot said in a statement.
The acquisition will allow Hot to gain a presence in Israel's lucrative $6 billion (£3.7 billion) a year mobile phone sector, of which Mirs holds a share of around five per cent.
Hot currently provides cable TV, telephony and internet access solutions to Israeli consumers and businesses. 
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