Orange franchisee Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), controlled by Ilan Ben-Dov, today announced a restructuring. The infrastructure and headquarter activities of Partner and its subsidiary, 012 Smile Telecom Ltd. will be merged. The new COO will be Menachem Tirosh. The merger will be completed during the first quarter of 2012.
These changes come soon after Partner and 012 Smile merged in an effort to separate Partner's mobile business from 012 Smile's fixed line communications. The changes also follow the integration of the engineering operations of the two companies under Partner and the transfer of Partner's fixed-line communications branch to 012 Smile.
The company said, "This process is designated to maximize the operational and organizational synergies and to integrate parallel activities and will enable focusing on the managerial inputs required in order to cope with the market challenges in the short as well as the long term."
Partner's share price rose 0.1% to NIS 33.43 after remaining unchanged at $8.63 on Nasdaq on Friday, giving a market cap of $1.34 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on December 25, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011