The Cellcom Israel mobile service giant has purchased the low-cost Golan Telecom startup for NIS 1.17 billion.
The deal was closed just two months after Golan put the company up for sale.
The NIS 450 million debt that was being held by Golan will be forgiven by Cellcom, whose network has been the carrier for Golan.
In a statement to Globes, Cellcom chairman Ami Erel said, “The acquisition of Golan Telecom will allow us to add a low-cost brand to our portfolio, and I’m confident that Cellcom’s management will be able to successfully combine Golan’s operations as the Company’s low cost brand. I thank the Company’s controlling shareholders for their unrelenting support and assistance in enhancing value for the Cellcom Group.”
The deal still must be approved by Israel’s Anti-Trust Authority.
