Cellcom makes ILS1.5 billion bid to acquire NetVision

14 Mar 2011

Israeli mobile network operator Cellcom has reportedly offered to acquire its sister company, fixed line voice and broadband operator NetVision, for approximately ILS1.5 billion (USD421 million) in cash, Reuters reports. Both companies are subsidiaries of the IDB Holding conglomerate. Commenting on the development Cellcom noted: ‘NetVision has not responded yet to our proposal and we can provide no assurances that we will enter into any transaction … If an agreement is reached, we intend to fund the purchase price, in whole or in part, with new debt financing arrangements.’ Should NetVision agree to the deal it would be subject to approval by a majority of those shareholders in both companies that are not affiliated with IDB Holding, while it would also require a nod from the relevant regulatory authorities.

Israel, Cellcom, NetVision