Altice Europe drops bid interest in Israel's Partner Communications

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PARIS — Telecoms and media company Altice Europe said on Tuesday that its subsidiary known as ‘HOT’ had ended talks over the possible purchase of Israel’s Partner Communications.

“Altice Europe confirms that its fully owned subsidiary HOT has terminated discussions regarding the potential acquisition of Partner Communications,” Altice said in a statement.

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Altice Europe drops bid interest in Israel's Partner Communications Back to video

Altice Europe’s HOT unit had initially offered to buy Partner Communications in January, in what would have been the first major merger in Israel’s telecom sector and a new acquisition for Altice’s Franco-Israeli billionaire Patrick Drahi.

However, last week Partner Communications, which is Israel’s second-largest mobile phone operator, reported a 63% drop in fourth quarter profit and warned of a negative impact ahead due to the coronavirus outbreak. (Reporting by Sudip Kar-Gupta; Editing by Kim Coghill)