Hot Mobile

The Ministry of Communications has approved the transfer of control over cellular provider Hot Mobile from Altice to a group led by Delek Retail and the Keystone fund. The deal is valued at 1.8 billion shekels.

The Ministry of Communications has given the green light for the sale of the mobile operator Hot Mobile to Delek Israel, Keystone, and Leumi Partners, after the Competition Authority approved the deal earlier this month. The deal values Hot Mobile at approximately 1.2 billion shekels.

The Tel Aviv District Court has approved a class action settlement against Hot Mobile, providing compensation to approximately 785,000 subscribers charged for an "international calls package" they did not request. Although the Attorney General opposed the settlement, the court approved it while staying execution pending a potential appeal.

Two new collective agreements signed today with employees of Hot Mobile and Ta'abura Yamit Ashdod include salary increases, improved rights, and regulation of working conditions. At Hot Mobile, employees will receive an average annual salary increase of 3%, along with a series of additional benefits.

After seven years as CEO of Hot Mobile, Ilan Brok has announced his resignation. He will remain in his role until the sale of the company to Delek Israel, Keystone, and Bank Leumi is finalized. During his tenure, the company surpassed 2 million subscribers and achieved significant growth in revenue and profitability.

The Competition Authority has approved the sale of Hot Mobile. The deal now awaits final approval from the Ministry of Communications, which is currently reviewing the merger.