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Hot Shareholder Drahi Seeks to Sell 20% Stake, Calcalist Reports

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March 26 (Bloomberg) -- Hot Telecommunication System Ltd.’s controlling shareholder French businessman Patrick Drahi is in talks with the U.S. Blackstone Group LP to sell 20 percent of the company through which he holds Hot, Calcalist said today, without saying where it got the information.

Drahi’s price for the stake values Hot at 5 billion shekels, Calcalist said. Hot’s market valuation at market close yesterday was 3 billion shekels.

Moti Scherf, spokesman for Drahi in Israel, declined to comment on the report.

Story Link:{NSN M1HAUI6TTDTK<GO>} Link to Company News:{HOT IT <Equity> CN <GO>}

To contact the reporter on this story: Gwen Ackerman in Jerusalem at gackerman@bloomberg.net

To contact the editor responsible for this story: Louis Meixler at lmeixler@bloomberg.net

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