Israel's Delek to sell 12 pct of HOT to Cool

TEL AVIV, Nov 15 (Reuters) - Israeli conglomerate Delek Group (DELKG.TA) said on Sunday it had agreed to sell a 12 percent stake in Israeli cable TV company HOT (HOT.TA) to Cool Holding for 402 million shekels ($107 million).

Delek, which owns 16 percent of HOT, will sell nearly 9.13 million shares at 44 shekels each, the company said in a statement to the Tel Aviv Stock Exchange.

The deal, which is subject to regulatory approval, is due to close no later than Dec. 23, Delek said.

It expects to post a pretax capital gain of 195 million shekels from the deal in the fourth quarter.

Last month Delek rejected an offer from Cool to sell its 16 percent stake, saying the offer was not financially sufficient. It said at the time it would reconsider selling its stake if financial terms improved.

Cool Holding, controlled by French businessman Patrik Drahi, already has a more than 30 percent stake in HOT. ($1 = 3.77 shekels) (Reporting by Tova Cohen; Editing by Alex Richardson)