Hutch considers selling out of Israel

Emerging markets spin off Hutchison Telecommunications International (HTIL) said it is considering offloading its indirect stake in Israeli operator Partner Communications.

The firm, which was spun off from Hong Kong conglomerate Hutchison Whampoa in 2004, confirmed it has been approached by various parties regarding the sale of its 51 per cent holding in the Israeli mobile player.

Hutchison was careful to point out that there are no assurances a sale may result from these discussions, and opted not to name potential suitors.

Reports suggest that the Partner stake may be worth as much as $1.3bn.

The Israeli market is closely contested. At the end of June 2009, the Israeli market was dominated by Cellcom with 3.2 million subscribers, and Pelephone with 3 million subscribers. Partner comes in at number three with 2.9 million users.