Aurec Group (from Latin: Aurum - gold, or from Hebrew: עורק - artery), is an Israeli holding company that includes cable and telecom investments. It was established in 1968 by Morris Kahn.[1]
History
Aurec Group was founded by Morris Kahn, who immigrated to Israel from South Africa in 1956 and was on the Forbes list of billionaires.[2]
Amongst the group's holdings have been Golden Pages (the Israeli Yellow Pages), the former cable television provider Golden Channels (now amalgamated into Hot); an internet service provider named Golden Lines (now merged with Internet Zahav to form 012 Smile); and AIG Golden (a joint venture with the AIG insurance company) and Amdocs, now a leading provider of software and services for billing, customer relationship management (CRM), operations support systems (OSS) to the telecommunications industry.[3][4]
In 1999, Aurec sold off its holdings in the Arutzei Zahav cable company to its partners, Eliezer Fishman and Yedioth Ahronoth, for US$40 million. In 2000, Kahn also sold 51.5 percent of the Aurec Group's holdings in Golden Lines (Kavei Zahav) to Fishman, for $180 million. Also in 2000, Aurec divested itself of its 50 percent holding in Netcom, a smaller provider of data communications networks. The value of the transaction was never revealed, but it is thought that Aurec received about $20 million for its shares.[4][5]
References
- Morris Kahn Forbes, 3 January 2016, retrieved 11 March 2016^
- Israeli billionaire Morris Kahn: Life beyond the sea^
- AIG's Joint Venture Insurance Company In Israel Receives License To Market Life Insurance 1999-06-09^