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Investing.com -- Altice International is considering an offer for its Israeli business, Hot Telecommunication Systems Ltd., as billionaire Patrick Drahi continues to sell portions of his telecommunications empire, Bloomberg reports.
A company spokesperson told Bloomberg that one of Hot’s competitors in Israel has made a bid for the business. Altice will evaluate the offer, though no additional details about the potential buyer or the value of the bid were disclosed.
Hot’s operations have faced challenges during Israel’s war with Hamas. The company froze subscriptions for Israeli customers who were displaced from their homes during the conflict. Additionally, closed retail locations and travel restrictions resulted in decreased sales of new phones and reduced roaming fee revenue.
In a separate transaction, Altice International announced that Hot has agreed to sell its 23% stake in IBC, a fiber optic business, to a group of Israeli financial institutions. This agreement was reached in June. Hot had originally acquired this stake for €45.4 million in 2021.
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