Cellcom wooed by mystery European telco

12 Jun 2007

A European telco is reportedly offering to buy Cellcom from IDB. The offer was reportedly relayed to IDB a couple of weeks ago by US-based investment bank Goldman Sachs, which owns 4% of the Israeli cellco. While the identity of the prospective buyer is unknown, many have speculated that the most likely purchaser is the UK’s Vodafone Group.

Nochi Dankner’s IDB group bought 94.5% of Cellcom nearly two years ago. Having consolidated complete control over the company, Dankner then parcelled off 5-10% stakes in the company to investors including Goldman Sachs and Migdal. He then floated it on the New York Stock Exchange and means to dual-list it in Tel Aviv as well.

Israel, Cellcom, Vodafone Group