Israel sold 30% of Bezeq in 2005, its largest privatization, to an Apax-led consortium.

Bezeq, Israel's fixed-line monopoly with a market value above $3 billion, had been slated for privatization since 2001; the sale was delayed by the economic slump and regional instability.

In May 2005 the government completed the sale of 30% to an Apax–Saban–Arkin consortium for NIS 4.246 billion ($923–972 million) after rounds of competitive bidding among eight original groups, with an option on a further 10.7%.

The deal was the largest privatization in Israeli corporate history. The consortium took control of a company with a 65% broadband share, mobile operator Pelephone and 50% of satellite-TV firm Yes.

The state sold 30% control for NIS 4.246 billion ($923–972 million), Israel's largest privatization; the buyers exited at a 300%+ return.

Competitive bidding pushed the price above market expectations.

The option on another 10.7% gave buyers a path to full control.

Bezeq's monopoly cash flows justified a leveraged buyout.

The state finally accepted that deregulation required private owners.

A contested auction beats a quiet placement: eight bidders and competitive rounds pushed the price above market expectations and gave the winner a mandate to run the company.

In 2009 the consortium agreed to sell its 30.6% stake to 012 Smile at 8 shekels a share, a return of more than 300% on the 2005 purchase, completing a privatization that had taken nearly a decade to conclude.