Apollo Global Management reportedly entered negotiations with Hutchison Telecom to acquire its stake in Israeli operator Partner Communications, with talks believed to be at an advanced stage.

Israeli publication Globes reported Apollo is willing to pay more than ILS800 million ($248.3 million) for Hutchison’s 27 per cent stake in Partner Communications, in a move to give it a presence in the Israeli telecoms market.

Apollo is one of the world’s largest investment companies, holding assets worth more than $450 billion, although it has a limited presence in Israel. Five years ago it had holdings in real estate company ADO, but has since sold its stake.

Even if a deal is in the works, complications could arise as Hutchison Telecom’s shares are currently held by a trustee due to US sanctions, which make it difficult for a Chinese company to control an Israeli telecoms business.

Hutchison Telecom has held the shares in Partner Communication since 2019, after former controlling shareholder Israeli billionaire Haim Saban relinquished control due to debt-related issues.

Apollo’s interest in the stake comes more than year after a move by Altice Europe to merge its Israel subsidiary Hot Telecom with Partner Communications was called off, due to an inability to agree terms.