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Israel’s Competition Commissioner has cleared a joint investment by Cellcom, Hot Telecommunication Systems and the Israel Infrastructure Fund (IIF) into Israel Broadband Company (IBC).
As reported by CommsUpdate, in September 2020 Cellcom and HOT confirmed that they had entered an investment transaction consisting of “several agreements”, including deals made through the IBC Partnership. Through this partnership, Cellcom and IIF jointly hold 70% of IBC’s share capital.
Cellcom Israel Announces Israeli Competition Commissioner Approval for Hot Group to Join IBC
USA - English
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NETANYA, Israel, Jan. 20, 2021 /PRNewswire/ Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (hereinafter: the Company ) announced today that following its previous announcement regarding an investment transaction between the Company, the Israel Infrastructure Fund and Hot Telecommunication Systems Ltd. in IBC Israel Broadband (2013) Ltd., the Israeli Competition Commissioner granted its approval for the transaction. The completion of the transaction is subject to certain conditions, including the approval of the Israeli Ministry of Communications, or MOC, and regulatory changes, which are yet to be met. The Company cannot guarantee such changes will be made and approval will be granted.