Shareholder shake-up on the cards at Cellcom?

5 Jul 2022

Israeli business daily Globes has reported that the CEO of Discount Investment Corporation (DIC) – the largest shareholder in mobile operator Cellcom – has stepped down from his position in order to launch a takeover bid for the cellco. As per the report, DIC CEO Doron Cohen plans to form a consortium of investors to bid for the controlling stake in Cellcom, before assuming a senior management position at the company.

DIC placed its 45.7% stake in Cellcom up for sale on 29 June, with Globes reporting that investment fund Sky, managed by Zvi Yochman and Nir Dagan, had expressed interest in acquiring the mobile operator, joining private equity fund Apax Partners, which was also said to be examining a deal.

Mr Cohen’s plans mirror a similar move employed by Avi Gabbay, who stepped down as Cellcom CEO last year and spearheaded a group of investors who bought control of rival telecoms firm Partner Communications, where he duly became CEO.

Israel, Cellcom