Hutchinson Telecom, a Hong Kong conglomerate, is searching for buyers interested in its 51% stake in Partner. Partner is an Israeli carrier which conducts business under the Orange brand. Partner posted poor first quarter reports in 2009, with an 11% drop in revenue, though total subscribers has risen by 5,000. Hutchinson Telecom has given potential buyers seven days to make a bid. While there is no official reason for this fire sale, slumping profits and cash shortages at Hutchinson may be the reason Hutchinson is looking to offload one of its more stable assists. Speculations regarding the sale first appeared last month, but have morphed into more interesting news after Hutchinson set a deadline for potential buyers. Partner currently holds 31.4% percent of the Israeli mobile market, second only to competitor Cellcom. Partner’s market share has remain virtually unchanged since the fourth quarter of 2008.
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