Delek Israel has inked a non-binding agreement to acquire Hot Mobile from billionaire Patrick Drahi’s Altice International in a deal worth NIS 1.88 billion ($594 million), according to a regulatory filing late on Monday.
As part of the initial agreement, Delek Israel, an operator of gas stations and convenience stores, has been granted a 60-day exclusive due diligence period to negotiate and sign a binding deal with Altice to buy Hot Mobile, which is part of Hot Telecommunications Systems. A binding agreement for the deal will be subject to approvals by the Communications Ministry and the Israel Competition Authority.
Delek Israel is 39.6 percent owned by Lahav LR Real Estate. Other shareholders are businessman Uri Mantzur and Itzhak Tshuva’s Delek Group through its subsidiary Delek Petroleum.
The acquisition is part of Delek Israel’s strategy to expand and create substantial additional consumer activity that will be integrated into its existing retail and other businesses, controlling shareholder Lahav said in a filing to the Tel Aviv Stock Exchange late on Monday.
Delek Israel’s bid for Hot Mobile comes two months after cellphone giant Pelephone Communications failed to reach a binding agreement to acquire the cellphone operator.
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In a last-ditch effort, Pelephone’s parent company Bezeq on Sunday raised its bid for rival Hot Mobile to NIS 2.3 billion ($729 million) from the previous NIS 2.1 billion ($665 million).
An illustration showing the logos of Pelephone and Hot Mobile displayed on a Pelephone screen in Jerusalem, November 17, 2025. (Yonatan Sindel/Flash90)
The raised offer was made after Bezeq’s Pelephone mobile phone unit signed a non-binding agreement to acquire Hot Mobile in November, but a binding agreement was not reached following the end of a 60-day period allocated for the negotiations. Bezeq said the updated offer is valid until Thursday, January 22.
“The additional consideration of NIS 200 million ($63 million) is conditional upon additional conditions, including the receipt of exclusivity for the purpose of reaching a final and binding agreement,” Bezeq said.
However, concerns over obtaining necessary regulatory approvals for the completion of a deal with rival Pelephone are said to be behind Altice’s consideration of Delek Israel’s offer, according to reports in the Hebrew press.
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