Bezeq

Bezeq The Israeli Telecommunication Corp Ltd.
Native name
בזק, החברה הישראלית לתקשורת בע"מ
Company typePublic
TASE: BEZQ
IndustryTelecommunications
Founded1984; 40 years ago (1984)
Headquarters
Azrieli Center, Tel Aviv
,
Israel
Key people
Tomer Raved (chairman)[1]
Nir David (CEO)[2]
ProductsFixed line, mobile telephony, Internet, cable television
RevenueIncrease ₪9.98 billion (2015)[3]
1,710,000,000 new shekel (2020) Edit this on Wikidata
1,040,000,000 new shekel (2020) Edit this on Wikidata
Number of employees
15,132
SubsidiariesPelephone, Bezeq International, yes
Websitewww.bezeq.co.il
A Bezeq telephone exchange in Or Yehuda
Bezeq company van
An old crooked and crowded telephone pole in the city of Nesher in Israel

Bezeq (Hebrew: בזק) is an Israeli telecommunications company. Bezeq and its subsidiaries offer a range of telecom services, including fixed-line, mobile telephony, high-speed Internet, transmission, and pay TV (via Yes).

The company is traded in the Tel Aviv Stock Exchange under the symbol BEZQ, and is part of the Tel Aviv 35 Index.[4]

History

In the late 1980s Anat Hoffman founded a group to protect the interests of Bezeq customers. A major complaint was that Bezeq did not send customers itemized bills. 46 cases were brought to small claims court and the consumers won 43 of them. Within two years of the campaign. consumers began to receive itemized bills.[5]

In April 2012, Bezeq acquired full ownership of Walla! Communications, Israel's leading Internet portal, which has more than 2.5 million monthly unique users. In December 2020, Bezeq sold its 100% stake in Walla! Communications.[citation needed]

Bezeq operates the B144 directory enquiries service.[6]

In February 2015, Bezeq acquired full ownership of Yes, Israel's leading television provider, for ₪680 million.[7]

Loss of monopoly status

Until the mid-first decade of the 21st century when it was owned by the Israeli government, Bezeq had a monopoly on landline telephony and Internet access infrastructure (ADSL VDSL2).[8] Though still the most dominant provider of telephone services,[9] it has had competition from the sole cable provider in the country (since September 2006), Hot, which offers a cables based telephone and internet access services as of 2005, and with 012 Smile and more recently 013 netvision and Orange.

Privatization

On 9 May 2005, Israel's Government Companies Authority, headed by Eyal Gabbai privatized Bezeq when 30% of its shares were sold by the state to the Apax-Saban-Arkin investment group for $972 million.[10]


In April 2010, the controlling interest in Bezeq, held by the Apax-Saban-Arkin group, was sold to B Communications, a subsidiary of Shaul Elovitch's Eurocom Group, for $1.75 billion.[11]

In late 2017, bank filed a petition against Elovitch to break up Eurocom Group to pay back loans totaling $275 million.[12] This would directly impact the 10% shareholding in Bezeq, including Elovitch's 26% controlling stake. Meir Shamir has expressed interest in buying a controlling stake, effectively cancelling the debt to the banks.[13][14] Two other investors have also expressed interest in purchasing a stake in Bezeq, including Argentine investor Eduardo Elsztain and Elliott Management, who announced they had recently purchased a 4,8% stake.[15]

Police investigation and graft probe

In 2018 the company announced that company CEO Stella Handler would be resigning her position. She is one of several Bezeq employees under investigation by the Israel Securities Authority and the Israel Police regarding Bezeq's purchase of Yes shares and allegations of improper dealings with the Israeli Ministry of Communication.[16] Also in 2018, board members Shaul Elovitch, Or Elovitch and Orna Elovitch resigned as a result of Case 4000, an ongoing corruption investigation involving the former Prime Minister of Israel Benjamin Netanyahu.[17][18]

Involvement in Israeli settlements

See also: List of companies operating in West Bank settlements

In October 2017, Danish pension firm Sampension banned investment in Bezeq alongside three other companies operating in illegal Israeli settlements in the West Bank, including two Israeli banks, Hapoalim and Leumi, and German firm Heidelberg Cement.[19]

On 12 February 2020, the United Nations published a database of 112 companies helping to further Israeli settlement activity in the West Bank, including East Jerusalem, as well as in the occupied Golan Heights.[20] These settlements are considered illegal under international law.[21] Bezeq was listed on the database on account of its "provision of services and utilities supporting the maintenance and existence of settlements" and "the use of natural resources, in particular water and land, for business purposes" in these occupied territories.[22]

On 5 July 2021, Norway's largest pension fund KLP said it would divest from Bezeq together with 15 other business entities implicated in the UN report for their links to Israeli settlements in the occupied West Bank.[23]

Parent company

B Communications, founded in 1999 as 012 Smile.Communications, is a publicly traded company. It currently functions as a holding company of Bezeq and is headquartered in Ramat Gan, Israel. Its shares are traded on the NASDAQ Global Select Market and on the Tel Aviv Stock Exchange. B Communications is controlled by Searchlight II BZQ L.P (60%) and TNR investments Ltd (11%).[24][25]

See also

References

  1. ^ Perez, Gad (29 June 2021). ""Fiber-optics will reach 50% of Israeli homes this year"". Globes. Retrieved 1 July 2021.
  2. ^ "Bezeq Names New CEO Amid Criminal Investigation Involving Netanyahu". 18 June 2018.
  3. ^ TASE. "דף הבית - מאיה – מערכת אינטרנט להודעות - הבורסה לניירות ערך". Retrieved 26 December 2016.
  4. ^ "דף הבית - הבורסה לניירות ערך בתל אביב | אתר הבורסה". market.tase.co.il. Retrieved 5 May 2024.
  5. ^ "Ahren, Raphael: A gadfly on the Wall (4 September 2013)"http://www.timesofisrael.com/a-gadfly-on-the-wall/
  6. ^ "אודות השירות באתר - בזק B144". B144 (in Hebrew). Retrieved 22 May 2022.
  7. ^ "Bezeq buys Yes for NIS 680m - Globes". en.globes.co.il. 11 February 2015. Retrieved 15 May 2024.
  8. ^ "500,000 subscribers for Bezeq's ADSL service". Bezeq. 20 April 2004. Archived from the original on 2 October 2008. Retrieved 3 December 2008.
  9. ^ Wrobel, Sharon (12 February 2010). "012.Smile closes Bezeq deal". The Jerusalem Post. Retrieved 7 March 2020. As the largest telecommunication operator in Israel, Bezeq provides wired and wireless telephone and other communications services to consumer and business subscribers throughout Israel.
  10. ^ Horesh, Hadar. "Apax-Saban-Arkin group big winners of Bezeq tender - Haaretz Daily Newspaper | Israel News". Haaretz.com. Archived from the original on 5 April 2020. Retrieved 9 December 2011.
  11. ^ "B Communications Closes Acquisition Of Controlling Interest In Bezeq". RTTNews. 14 April 2010. Archived from the original on 11 September 2012. Retrieved 15 November 2011.
  12. ^ Arnold, Michael (20 December 2017). "Israeli Banks Take Telecoms Tycoon Elovitch to Bankruptcy Court". Bloomberg.
  13. ^ Tsipori, Eli (21 December 2017). "An opportunity to break up Bezeq". Globes.
  14. ^ Gueta, Jasmin (21 December 2017). "Israeli Tycoon Moves Closer to Losing His Business Empire as Banks Seek Wind-up Order Against Eurocom". Haaretz.
  15. ^ Appelberg, Shelly (17 January 2018). "Three-way Battle Suddenly Erupts for Control of Israel's Bezeq". Haaretz. Retrieved 17 January 2018.
  16. ^ "Stella Handler to resign from Bezeq - Globes English". Globes. 19 March 2018. Retrieved 20 March 2018.
  17. ^ Rochvarger, Michael; Ziv, Amitai (26 February 2018). "Shaul Elovitch and Relations Step Down From Embattled Bezeq Board". Haaretz. Retrieved 20 March 2018.
  18. ^ staff, T. O. I. "Top officials, executives revealed as arrested suspects in Bezeq graft probe". The Times of Israel. Retrieved 20 March 2018.
  19. ^ "Danish pension fund bans four firms over West Bank settlement activity". Jerusalem Post.
  20. ^ "UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory". Office of the United Nations High Commissioner for Human Rights. 12 February 2020. Retrieved 5 July 2021.
  21. ^ "UN Security Council Resolution 2334, 2016 (S/RES/2334(2016))". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
  22. ^ "Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71)". UN OCHA. 12 February 2020. Retrieved 12 September 2021.
  23. ^ Fouche, Gwladys; Jessop, Simon (5 July 2021). "Nordic fund KLP excludes 16 companies over links to Israeli settlements in West Bank". Reuters. Retrieved 13 September 2021.
  24. ^ Wrobel, Sharon (12 February 2010). "012.Smile closes Bezeq deal". The Jerusalem Post. Retrieved 17 November 2011.
  25. ^ "012 Smile signs financing deal for Bezeq purchase". Ynetnews. Reuters. 13 February 2010. Retrieved 17 November 2011.

Nir David appointed CEO of Bezeq

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