Cellcom Israel Announces Developments Re Purchase Of Golan Telecom

NETANYA, Israel, September 12, 2016 /PRNewswire/ --

Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (the "Company") announced it is publishing this press release since the Company's controlling shareholder will report this information under its Israeli reporting obligations: Following previous reports regarding its agreement for the purchase of Golan Telecom Ltd., or Golan Telecom's, share capital, or SPA, which has not received regulatory approvals: (1) the Company has agreed to allow Golan Telecom (as an exception to its "no shop" obligation) to conduct negotiations with two third parties (which are not active MNOs), for a possible purchase of Golan Telecom's share capital or operations or a part thereof, subject to certain conditions, including a prior consensual termination or update of the SPA to reflect any such agreement. In addition, the Company is conducting negotiations with those third parties for a future collaboration. The Company cannot estimate the results of any of the abovementioned negotiations and whether such negotiations shall mature into an agreement; and (2) the Company has filed a petition against the Ministry of Communication's decision not to approve the SPA, and Golan Telecom has also filed a similar petition.  

For additional details see the Company's 2015 Annual Report under "Item 3 Key Information - D. Risk Factors- Risks Related to our Business -We face intense competition in all aspects of our business" and "- Risks Related to the Proposed Acquisition of Golan Telecom Ltd." and under "Item 4. Information on the Company -"B. Business Overview - General - Agreement for the Purchase of Golan", and under "-Competition - Cellular" and " - Government Regulation -Additional MNOs", and the Company's current reports on Form 6-K date March 28, 2016, April 12, 2016, May 16, 2016, June 13, 2016, July 12, 2016, July 21, 2016, August 10 under "Other developments during the first quarter of 2016 and subsequent to the end of the reporting period - Golan Telecom" and September 6.

About Cellcom Israel  

Cellcom Israel Ltd., established in 1994, is the largest Israeli cellular provider; Cellcom Israel provides its approximately 2.812 million cellular subscribers (as at June 30, 2016) with a broad range of value added services including cellular telephony, roaming services for tourists in Israel and for its subscribers abroad and additional services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an LTE 4 generation network and an HSPA 3.5 Generation network enabling advanced high speed broadband multimedia services, in addition to GSM/GPRS/EDGE networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Through its broad customer service network Cellcom Israel offers technical support, account information, direct to the door parcel delivery services, internet and fax services, dedicated centers for hearing impaired, etc. Cellcom Israel further provides OTT TV services (as of December 2014), internet infrastructure (as of February 2015) and connectivity services and international calling services, as well as landline telephone communication services in Israel, in addition to data communication services. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For additional information please visit the Company's website http://investors.cellcom.co.il/

Company Contact

Shlomi Fruhling 
Chief Financial Officer  
investors@cellcom.co.il  
Tel: +972-52-998-9755  

Investor Relations Contact 

Ehud Helft 
GK Investor & Public Relations
In partnership with LHA  
cellcom@GKIR.com  
Tel: +1-617-418-3096

SOURCE Cellcom Israel Ltd.

0 comments