On Tuesday, Israel’s largest mobile operator Cellcom Israel said that it would by rival Golan Telecom for an amount of 590 million shekels.
Cellcom Israel shall also be forgiving the debt of 130 million which Golan owes it.
Cellcom shall be paying the amount in two separate instalments- first, 413 million on completion of the transaction followed by 177 million shekels 3 years after.
The Pelephone unit of Bezeq Israel Telecom had also submitted a bid to purchase Golan for an amount of 710 million shekels.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.