Israeli telecommunications service provider 012 Smile.Communications has signed an agreement with a wholly owned subsidiary of Ampal-American Israel Corporation ( AMPL) to sell its current telecom business for ILS 1.2 billion (approximately USD 318 million). The transaction is subject to customary closing conditions, including the receipt of regulatory approvals from the Israel Ministry of Communications and the Israel Antitrust Commissioner. CEO of 012 Smile.Communications Stella Handler, said that this transaction represents an important step in finalising the company's recently announced agreement to acquire the controlling stake in Israel's largest telecommunications provider Bezeq. The company has agreed to buy a 30.6 percent stake in Bezeq for ILS 6.5 billion and had to shed some assets to receive regulatory approval for that transaction.
