Cellcom gets green light on Golan Telecom acquisition
Cellcom Israel has announced that the Israeli Competition Commissioner granted its approval for the its acquisition of Golan Telecom.
The deal was announced earlier this year, when Cellcom entered a binding memorandum of understanding (MoU) for the acquisition of Golan Telecom's entire share capital for NIS 590 million ($170 million).
The funds shall be paid in cash in two instalments, the first amount NIS 413 million ($119 million) upon completion of the transaction and the amount of NIS 177 million ($51 million) within 3 years of completion.
Prior to its MoU, both Cellcom and Bezeq Israel Telecom both announced multi-million-dollar bids to buy Golan Telecom.
Pelephone – part of Bezeq, announced its intentions in a regulatory filing on 17th February 2020. It submitted a bid for $207 million, with the proposal valid until 15th April.
The transaction is subject to the standard conditions, including the approval of the Israeli Ministry of Communications.