Israel’s Cellcom has announced that it has now gained all of the required regulatory approvals for its proposed indirect investment in wholesale broadband provider Israel Broadband Company (IBC). Confirming the development in a press release, Cellcom noted that it now expects the closing of the transaction ‘in the coming weeks (subject to fulfilment of all other conditions precedent)’.
As previously reported by CommsUpdate, in March 2019 Cellcom entered into a series of definitive agreements related to a co-investment in IBC. At that date it said it had inked partnership agreements for the purchase of 70% of IBC’s share capital through an equal joint investment with the Israel Infrastructure Fund (IIF). Alongside this, through the joint venture (JV) that Cellcom will form with the IIF, two other agreements were reached: firstly, a share purchase agreement with IBC and the Israel Electric Company (IEC) for the 70% stake in IBC; and secondly, a shareholder agreement with IEC under which the latter will hold 30% in IBC, with the remaining 70% to be held by the Cellcom/IIF JV.