U.S.-Israeli businessman Naty Saidoff has offered to buy holding group Eurocom, which controls Bezeq Israel Telecom, a source said on Monday, confirming media reports, though any deal would need approval of banks owed money by Eurocom.

Eurocom’s chairman, Shaul Elovitch, who is being investigated by Israeli authorities for possible fraud and financial reporting offences, is under pressure to sell Eurocom, which is laden with nearly 1 billion shekels ($290 million) in debt. Elovitch has denied any wrongdoing.

 

Eurocom’s holdings include a controlling 26 percent stake in Bezeq, Israel’s largest telecoms group, and satellite operator Spacecom.

Saidoff, a real estate mogul who founded California-based Capital Foresight, has put in a bid to take over Eurocom, according a source familiar with the matter, who gave no further details.