DIC sells another 4% of Cellcom

31 Mar 2006

Israeli holding group Discount Investment Corporation (DIC) has agreed to sell a 4% stake in mobile operator Cellcom to Migdal Insurance and Financial Holdings (MGDL) for USD57.4 million. Upon completion of the deal, DIC’s stake in Cellcom will be reduced to 85.5%. Earlier this month DIC completed the sale of a 5% stake in Cellcom to the Goldman Sachs Group. Cellcom recently posted a 22% decline in net profit for 2005.

Israel, Cellcom