Altice, Hot Withdraw Partner Acquisition Proposal

Partner Communications Company Ltd. (NASDAQ and TASE: PTNR), an Israeli communications operator, has informed its shareholders, regarding a binding offer made by HOT Telecommunication Systems Ltd. and its controlling shareholder, Altice Europe N.V. (“Altice”), that Altice and Hot have withdrawn their acquisition proposal by way of merger, the company said.

Over the course of the last two months, and notwithstanding the burden imposed on the company due to the Coronavirus pandemic, the Board of the company evaluated the proposed transaction and its attractiveness in the event that the proposed merger is not completed.

Altice advised that it could not continue with the negotiations due to the rapidly deteriorating economic situation and bleak prospects for a short recovery and, according to Altice, it is now clear that the parties are very far from being able to meet the timeline anticipated by Altice and still have many issues that have not been agreed upon yet.

Partner intends to continue its current business development and business expansion and to pursue its standalone business strategy, as planned prior to the receipt of the unsolicited offer from Altice and Hot.