Hot turns to Cool

Israeli company Delek Group has agreed to sell a 12% stake in Israeli cable company Hot to Cool Holding, owned by French cable investor Patrick Drahi, for NIS402m (€71.5m).

Cool Holding already holds over 30% of Hot, which was recently deconsolidated by Israeli telco Bezeq following a ruling by the country’s competition regulator. Delek, which owns a 16% stake in Hot, is expected to post a NIS195m profit from the deal.