TeleGeography Logo

DIC to sell another 5% of Cellcom

15 May 2006

Israeli holding group Discount Investment Corporation (DIC) has agreed to sell a 5% stake in mobile operator Cellcom to Bank Leumi, Israel’s second largest bank, for USD72 million. Upon completion of the deal, DIC’s stake in Cellcom will be reduced to 80.5%. The transaction is part of Discount’s aim to sell off pieces of Cellcom after it raised its stake in the company to 94.5% in September 2005.

In March DIC sold a 4% stake in the operator to Migdal Insurance and Financial Holdings (MGDL) for USD57.4 million. The sale came hot on the heels of the sale of a 5% stake in Cellcom to the Goldman Sachs Group. Cellcom posted a 22% decline in net profit for 2005.

Israel, Cellcom

GlobalComms Database

Want more? Peruse the GlobalComms Database—the most complete source of intel about mobile, fixed broadband, and fixed voice markets.


TeleGeography is the definitive source for telecom news, numbers, and analysis. Explore the full research catalog.