Ampal-American Israel Corp. (AMPL) was headed for the highest close since June in Tel Aviv trading after the investor in Israeli businesses agreed to buy 012 Smile.Communications Ltd.’s current telecommunications business.
Ampal climbed 5 percent to 11.11 shekels as of 11:16 a.m. local time, bringing its three-day gain to 19 percent. Smile shares added 0.4 percent to a record 61.24 shekels.
Smile will sell Ampal the telecommunications business for 1.2 billion shekels ($319 million) subject to approval by Israel’s Communications Ministry and antitrust commissioner, Smile said late yesterday in a PRNewswire statement.
The agreement is “an important step” toward completing the planned purchase of Bezeq Israeli Telecommunication Corp. (BEZQ), Smile Chief Executive Officer Stella Handler said in the statement. Smile agreed on Oct. 25 to buy a controlling stake in the country’s largest telecommunications company for 6.5 billion shekels.
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