Bezeq lays down Yes plans

Israeli telco Bezeq has confirmed that it will no longer consolidate DTH operator Yes in its financials following a recent ruling by the country’s Supreme Court that prevented the two companies from merging.

Bezeq had planned to raise its stake in the satellite pay broadcaster from 49.8% to 58% but the Supreme Court upheld a decision from the country’s Antitrust Authority to stop the merger.  Bezeq responded with the following statement: “As a result [of the Supreme Court ruling], the company will record its investment in Yes according to the equity method, based on the fair value of this investment on the date of cessation of consolidation.” Bezeq estimated that, based on the current value of Yes, this will result in a one-time profit of approximately NIS1.2-1.4bn (€202-257m).