Mayer Brown - BellSouth Agrees to Sell Stake in Cellcom

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BellSouth Agrees to Sell Stake in Cellcom
News Release - Corporate & Securities, Israel

13 May 2005 - BellSouth Corporation (NYSE: BLS) announced today it has signed an agreement for the sale of its 34.75 percent equity ownership in Cellcom, a cellular communications operator in Israel. Mayer, Brown, Rowe & Maw LLP is representing BellSouth in the transaction.

Discount Investment Corp, Ltd. (TLV: DISI.TA), which currently holds a 25 percent interest in Cellcom, has agreed to pay BellSouth $625 million for BellSouth's entire Cellcom ownership interest. BellSouth expects to record a gain on the transaction based on the book value at closing. Based on current book value, the after-tax gain would be approximately $235 million or 13 cents per share.

The sale is expected to close in the fourth quarter.

The Mayer, Brown, Rowe & Maw team included James Carlson, Andrea Schwartzman, Beverly Ang, and Daniel Yeh in New York; James Barry and Timothy Sherck in Chicago; and Jonathon Sambur in Washington, D.C.
 
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Barry, James R.
Carlson, James B.
Sambur, Jonathan A.
Sherck, Timothy C.

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