Cellcom gets the greenlight on Golan Telecom acquisition

Cellcom gets green light on Golan Telecom acquisition

12 June 2020 | Natalie Bannerman

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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.