DIC to sell second Cellcom stake in a month

28 Feb 2006

Israeli holding group Discount Investment Corporation (DIC) is looking to further reduce its stake in domestic mobile operator Cellcom, and is negotiating a deal to sell around 5% of the operator to Bank Leumi, according to Globes. The size of the stake and its price have yet to be confirmed. Earlier this month DIC agreed to sell a 5% stake in Cellcom to the Goldman Sachs Group for USD103 million in a deal that values the company at USD2.07 billion. Upon completion of the deal, DIC’s stake in Cellcom was reduced to 89.5%.

Israel, Cellcom