Telecom company Bezeq (TASE: BEZQ) is selling its subsidiary Bezeq Online to One Software Technologies (TASE: ONE), an IT services provider headed by Adi Eyal. The deal price is 50 million shekels. Bezeq says the sale is part of the focus on the group’s core business, in line with its business strategy. The deal was led by Rosario Capital.
Bezeq stated in its filing with the Tel Aviv Stock Exchange that Bezeq Online has no synergies with its core business and is not a material asset of the group. Bezeq expects an intangible capital loss from the deal. The company’s book value is 57 million shekels.
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One Software Technologies plans to finance the transaction from its own resources. At the end of June, it had NIS 395 million in cash.
Since 2000, Basic Online has established, managed and operated telephone help centres. Its clients are large organizations in the public and private sectors. Its activity corresponds to the services provided by One Software Technologies.
In the first half of this year, Bezeq Online had revenues of NIS 102 million and operating profits of NIS 1.6 million. Its 2,400 employees will continue their jobs under the new ownership, and Avi Atias will continue to run the company.
The Chairman of the Bezeq Board of Directors said: “The sale of Bezeq Online represents another fundamental step in implementing the group’s strategy. We will continue to focus on our core capabilities, directing resources to strategic tasks, such as expanding the fiber optic network, implementing 5G technology, and moving television services to a protocol-based platform.” “Internet.”
Published by Globes, Israel Business News – en.globes.co.il – on November 10, 2024.
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