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.
