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February 19, 2020 10:24 am

Cellcom Israel to Buy Golan Telecom

avatar by Reuters and Algemeiner Staff

The logo of Israel’s biggest mobile phone operator Cellcom is seen on the Cellcom building in Netanya, north of Tel Aviv, Jan. 28, 2014. Photo: Reuters / Baz Ratner.

Cellcom Israel Ltd , Israel’s largest mobile operator, said on Tuesday it would buy smaller rival Golan Telecom for 590 million shekels ($172.59 million).

The company will also forgive 130 million shekels of debt that Golan owes to the company or its use of Cellcom’s network, according to Israeli media reports.

Cellcom said it would pay the amount in two installments — 413 million shekels on completion of the transaction and 177 million shekels within 3 years from completion.

Bezeq Israel Telecom’s Pelephone unit also submitted a bid to buy Golan for 710 million shekels on Monday.

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