Reported Earnings • May 24
First quarter 2026 earnings released: EPS: ₪0.43 (vs ₪0.35 in 1Q 2025) First quarter 2026 results: EPS: ₪0.43 (up from ₪0.35 in 1Q 2025). Revenue: ₪1.01b (down 8.9% from 1Q 2025). Net income: ₪72.0m (up 20% from 1Q 2025). Profit margin: 7.1% (up from 5.4% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 52% per year whereas the company’s share price has increased by 51% per year. Board Change • May 20
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent External Director Varda Liberman is the most experienced director on the board, commencing their role in 2019. Independent Director Ran Bukspan was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Feb 25
Cellcom Israel Ltd. to Report Fiscal Year 2025 Results on Mar 18, 2026 Cellcom Israel Ltd. announced that they will report fiscal year 2025 results at 9:46 AM, Israel Standard Time on Mar 18, 2026 Duyuru • Nov 10
Cellcom Israel Ltd. to Report Q3, 2025 Results on Nov 25, 2025 Cellcom Israel Ltd. announced that they will report Q3, 2025 results at 9:46 AM, Israel Standard Time on Nov 25, 2025 Duyuru • Jul 29
Cellcom Israel Ltd. to Report Q2, 2025 Results on Aug 13, 2025 Cellcom Israel Ltd. announced that they will report Q2, 2025 results on Aug 13, 2025 Duyuru • Jun 27
Phoenix Financial Ltd (TASE:PHOE) and More Investment House Ltd. agreed to acquire 23% stake in IBC Unlimited from Cellcom Israel Ltd. (TASE:CEL) for ILS 520 million. Phoenix Financial Ltd (TASE:PHOE) and More Investment House Ltd. agreed to acquire 23% stake in IBC Unlimited from Cellcom Israel Ltd. (TASE:CEL) for ILS 520 million on June 26, 2025. A cash consideration of ILS 520 million will be paid by Phoenix Financial Ltd and More Investment House Ltd. As part of consideration, ILS 520 million is paid towards common equity of IBC Unlimited. In a related transaction Hot and Israel Infrastructure Fund (IFC) agreed to sell their stake in IBC Unlimited to a group consisting of Phoenix Financial Ltd and More Investment House Ltd. The transaction is subject to approval from the Ministry of Communications and other authorities. The expected cash flow impact on Cellcom's statements will be the amount of the sale proceeds, net of tax. In this way, Cellcom will be able to reduce its net debt, which at the end of the first quarter stood at about ILS 1.6 billion. If the transaction to sell the shares is not completed within 10 months from the date of the agreement, either party may cancel it. Duyuru • May 07
Cellcom Israel Ltd. to Report Q1, 2025 Results on May 21, 2025 Cellcom Israel Ltd. announced that they will report Q1, 2025 results on May 21, 2025 Duyuru • Mar 03
Cellcom Israel Ltd. to Report Fiscal Year 2024 Results on Mar 19, 2025 Cellcom Israel Ltd. announced that they will report fiscal year 2024 results on Mar 19, 2025 Duyuru • Nov 21
Cellcom Israel Ltd., Annual General Meeting, Dec 26, 2024 Cellcom Israel Ltd., Annual General Meeting, Dec 26, 2024. Location: offices of the company, 10 ha`gavish street, netanya, Israel Duyuru • Nov 07
Cellcom Israel Ltd. to Report Q3, 2024 Results on Nov 20, 2024 Cellcom Israel Ltd. announced that they will report Q3, 2024 results on Nov 20, 2024 Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ₪0.33 (vs ₪0.03 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.33 (up from ₪0.03 in 2Q 2023). Revenue: ₪1.10b (up 2.8% from 2Q 2023). Net income: ₪55.0m (up ₪50.0m from 2Q 2023). Profit margin: 5.0% (up from 0.5% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 23
Cellcom Israel Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Cellcom Israel Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €3.48, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 19x in the Wireless Telecom industry in Europe. Total returns to shareholders of 14% over the past three years. Board Change • Jun 28
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent External Director Shmuel Hauser was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • May 21
First quarter 2024 earnings released: EPS: ₪0.04 (vs ₪0.26 in 1Q 2023) First quarter 2024 results: EPS: ₪0.04 (down from ₪0.26 in 1Q 2023). Revenue: ₪1.14b (up 5.7% from 1Q 2023). Net income: ₪7.00m (down 84% from 1Q 2023). Profit margin: 0.6% (down from 4.0% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • May 08
Cellcom Israel Ltd. to Report Q1, 2024 Results on May 21, 2024 Cellcom Israel Ltd. announced that they will report Q1, 2024 results on May 21, 2024 Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to €4.70, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 20x in the Wireless Telecom industry in Europe. Total returns to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to €2.92, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 20x in the Wireless Telecom industry in Europe. Total loss to shareholders of 5.8% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €3.22, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 19x in the Wireless Telecom industry in Europe. Total returns to shareholders of 3.9% over the past three years. Reported Earnings • Mar 18
Full year 2023 earnings released: EPS: ₪0.81 (vs ₪0.96 in FY 2022) Full year 2023 results: EPS: ₪0.81 (down from ₪0.96 in FY 2022). Revenue: ₪4.40b (up 2.3% from FY 2022). Net income: ₪134.0m (down 15% from FY 2022). Profit margin: 3.0% (down from 3.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €3.22, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 22x in the Wireless Telecom industry in Europe. Total returns to shareholders of 3.9% over the past three years. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.98, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 22x in the Wireless Telecom industry in Europe. Total returns to shareholders of 2.6% over the past three years. Duyuru • Dec 07
Fortissimo Capital in Talks to Buy Controlling Share of Cellcom Private equity fund Fortissimo Capital (Fortissimo Capital Management Ltd.) is negotiating to buy a controlling share of Israeli telecom group Cellcom Israel Ltd. (TASE:CEL) from Discount Investment Corporation Ltd. (TASE:DISI), according to a regulatory filing in Tel Aviv on December 5, 2023. Discount said that it has entered a non-binding agreement to sell Fortissimo its 35.6% stake in Cellcom for ILS 925 million ($249 million), valuing the company at ILS 2.6 billion. Its stake is currently worth ILS 793 million. Fortissimo has two weeks to carry out due diligence and a final deal would be subject to regulatory approvals, Discount said. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €2.60, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 25x in the Wireless Telecom industry in Europe. Total loss to shareholders of 35% over the past three years. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₪0.32 (vs ₪0.25 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.32 (up from ₪0.25 in 3Q 2022). Revenue: ₪1.13b (flat on 3Q 2022). Net income: ₪53.0m (up 29% from 3Q 2022). Profit margin: 4.7% (up from 3.7% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Duyuru • Nov 15
Cellcom Israel Ltd., Annual General Meeting, Dec 21, 2023 Cellcom Israel Ltd., Annual General Meeting, Dec 21, 2023, at 15:00 Israel Standard Time. Location: the offices of the Company, 10 Ha'gavish Street Netanya Israel Agenda: To consider the Company's audited financial statements for the year ended December 31, 2022; to consider appointment of KOST FORER GABBAY & KASIERER, a member of Ernst & Young, as the Company's independent auditors; and to consider reappointment of Nataly Mishan Zakai (Chairman), Gustavo Traiber (independent director), Michael Joseph Salkind and Baruch Itzhak as directors of the Company and appointing Mr. Samy Backlash as a director of the Company. Duyuru • Nov 02
Cellcom Israel Ltd. to Report Q3, 2023 Results on Nov 15, 2023 Cellcom Israel Ltd. announced that they will report Q3, 2023 results on Nov 15, 2023 Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.12, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 18x in the Wireless Telecom industry in Europe. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to €2.48, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 19x in the Wireless Telecom industry in Europe. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.24, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 18x in the Wireless Telecom industry in Europe. Total returns to shareholders of 7.3% over the past three years. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ₪0.03 (vs ₪0.23 in 2Q 2022) Second quarter 2023 results: EPS: ₪0.03 (down from ₪0.23 in 2Q 2022). Revenue: ₪1.07b (flat on 2Q 2022). Net income: ₪5.00m (down 87% from 2Q 2022). Profit margin: 0.5% (down from 3.6% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €3.00, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 17x in the Wireless Telecom industry in Europe. Negligible returns to shareholders over past three years. Duyuru • Jul 23
Cellcom Israel Ltd. to Report Q2, 2023 Results on Aug 10, 2023 Cellcom Israel Ltd. announced that they will report Q2, 2023 results on Aug 10, 2023 Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.92, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 14x in the Wireless Telecom industry in Europe. Total loss to shareholders of 14% over the past three years. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ₪0.26 (vs ₪0.17 in 1Q 2022) First quarter 2023 results: EPS: ₪0.26 (up from ₪0.17 in 1Q 2022). Revenue: ₪1.08b (up 2.5% from 1Q 2022). Net income: ₪43.0m (up 54% from 1Q 2022). Profit margin: 4.0% (up from 2.7% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €3.08, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 15x in the Wireless Telecom industry in Europe. Total loss to shareholders of 2.5% over the past three years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.50, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 13x in the Wireless Telecom industry in Europe. Total returns to shareholders of 54% over the past three years. Reported Earnings • Mar 11
Full year 2022 earnings released: EPS: ₪0.96 (vs ₪0.17 in FY 2021) Full year 2022 results: EPS: ₪0.96 (up from ₪0.17 in FY 2021). Revenue: ₪4.30b (up 4.9% from FY 2021). Net income: ₪157.0m (up 482% from FY 2021). Profit margin: 3.7% (up from 0.7% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.34, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 13x in the Wireless Telecom industry in Europe. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €3.58, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Wireless Telecom industry in Europe. Total returns to shareholders of 11% over the past three years. Board Change • Jan 19
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. 1 independent director (5 non-independent directors). Independent External Director Gustavo Traiber is the most experienced director on the board, commencing their role in 2019. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Nov 22
Cellcom Israel Ltd., Annual General Meeting, Dec 27, 2022 Cellcom Israel Ltd., Annual General Meeting, Dec 27, 2022, at 15:00 Israel Standard Time. Location: 10 Ha'gavish Street Natanya Israel Agenda: To consider the Company's audited financial statements for the year ended December 31, 2021; to consider appointment of Keselman & Keselman, a member of PricewaterhouseCoopers International Limited, as the Company's independent auditors; and to consider reappointment of Nataly Mishan Zakai (Chairman), Gustavo Traiber (independent director), Eran Shenar, Michael Joseph Salkind and Baruch Itzhak as directors of the Company. Duyuru • Jul 26
Cellcom Israel Ltd. to Report Q2, 2022 Results on Aug 10, 2022 Cellcom Israel Ltd. announced that they will report Q2, 2022 results on Aug 10, 2022 Duyuru • May 13
Cellcom Israel Ltd. to Report Q1, 2022 Results on May 18, 2022 Cellcom Israel Ltd. announced that they will report Q1, 2022 results on May 18, 2022 Duyuru • Feb 26
Cellcom Israel Ltd. to Report Fiscal Year 2021 Results on Mar 10, 2022 Cellcom Israel Ltd. announced that they will report fiscal year 2021 results on Mar 10, 2022 Duyuru • Jun 15
Cellcom Israel Ltd. Announces a Judgment in a Class Action Filed Against the Company Cellcom Israel Ltd. announced that on June 13, 2021, a judgment was given by the Israeli Central District Court in a class action lawsuit filed against the Company in December 2014, alleging that the Company charged its customers for a full monthly billing cycle even if they disconnected during the month and not at the cycle-end, which obliges the Company to return an amount of approximately NIS 30 million (including VAT) to its subscribers, together with interest and linkage differences, as well as compensation to the plaintiff and attorneys' fees. Based on the opinion of its legal counsel, the Company believes the judgment is mistaken and intends to appeal it to the Israeli Supreme Court. Duyuru • Jun 08
Cellcom Israel Ltd. Announces Dismissal of Purported Class Action Filed Against Company Cellcom Israel Ltd. announced that following its previous announcement dated March 17, 2021 on June 6, 2021, the District Court of Tel Aviv approved the dismissal of a purported class action filed against the company in January 2021, in an amount estimated by the plaintiff to be over NIS 50 million, alleging lack of informing of repair services subscribers regarding non-sealing of handsets. Duyuru • Jan 22
HOT Telecommunication Systems Ltd. agreed to acquire 23.3% stake in IBC Israel Broadband Company (2013) Ltd. from Cellcom Israel Ltd. (TASE:CEL) for ILS 170 million. HOT Telecommunication Systems Ltd. agreed to acquire 23.3% stake in IBC Israel Broadband Company (2013) Ltd. from Cellcom Israel Ltd. (TASE:CEL) for ILS 170 million on January 20, 2021. The deal would leave Hot and Cellcom with a 23.3% stake each in IBC. The deal is still subject to approval by the Ministry of Communications. The Israel Competition Authority approved the transaction. Duyuru • Jan 21
Cellcom Israel Intends to Voluntarily Delist from the New York Stock Exchange Cellcom Israel Ltd. announced on January 19, 2021 that it intends to consolidate the listing of its shares onto one single exchange, the Tel Aviv Stock Exchange ("TASE"). The Company will maintain the current listing of its shares on TASE, which will become Cellcom Israel's primary and only listing. Cellcom Israel, therefore, intends to voluntarily delist its ordinary shares from the New York Stock Exchange ("NYSE") in the United States. The Board of Directors of the Company has determined after extensive consideration that its current dual listing structure, whereby its shares are listed on NYSE in addition to the listing of its ordinary shares on the TASE, is unnecessary in today's increasingly globalized trading environment, where equity investors can access any international stock, regardless of where it is listed and since the vast majority of its ordinary shares trade on the TASE and its operations are substantially all carried out in Israel, it would be prudent for the Company to terminate its listing on NYSE, in order to minimize the costs associated with maintaining a U.S. listing. By maintaining one single listing on TASE, the Company will be able to focus even further on developing the business, while reducing the costs and challenges to the Company of maintaining a listing in the United States, where the Company's operations are not focused, and to facilitate the eventual deregistration of the Company with the SEC at such time as the Company becomes eligible for such deregistration. Cellcom has notified NYSE of its intention to delist and currently anticipates that it will file a Form 25 relating to the delisting of its ordinary shares with the U.S. Securities and Exchange Commission on or around January 29, 2021. As a result, the Company expects that the last day of trading of its ordinary shares on NYSE in the U.S. will be no earlier than February 8, 2021. The change to a sole listing on TASE is intended to be effected upon the U.S. delisting, no earlier than February 9, 2021. The Company will continue to comply with its SEC reporting obligations until such obligations may be terminated by the deregistration of the Company. The Company intends to pursue such deregistration as soon as possible. The Company has not arranged for a listing on any other United States exchange or for quotation of its ordinary shares in any quotation medium. Is New 90 Day High Low • Jan 14
New 90-day high: €4.32 The company is up 30% from its price of €3.32 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Wireless Telecom industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: €4.16 The company is up 42% from its price of €2.92 on 10 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Wireless Telecom industry, which is up 12% over the same period. Duyuru • Dec 05
Cellcom Israel Ltd. Announces Appointment of Yoram Turbowicz as Director Cellcom Israel Ltd. announced the appointment of Mr. Yoram Turbowicz as member of the Company's Board of Directors, effective December 2, 2020. Dr. Turbowicz has served as chairman of the board of Discount Investment Corporation Ltd. since November 2020, as director of Allied Ltd. and Champion Motors Ltd. since 2009 and as director of Allied Logistics Ltd. since 2013 and is a director of additional private companies. Reported Earnings • Nov 25
Third quarter 2020 earnings released: ₪0.23 loss per share The company reported a soft third quarter result with increased losses and weaker control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: ₪956.0m (up 3.0% from 3Q 2019). Net loss: ₪37.0m (loss widened ₪36.0m from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 102% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 19
New 90-day high: €3.82 The company is up 26% from its price of €3.02 on 20 August 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Wireless Telecom industry, which is up 3.0% over the same period. Duyuru • Nov 10
Cellcom Israel Ltd. to Report Q3, 2020 Results on Nov 23, 2020 Cellcom Israel Ltd. announced that they will report Q3, 2020 results at 6:11 AM, GMT Standard Time on Nov 23, 2020 Is New 90 Day High Low • Oct 21
New 90-day high: €3.46 The company is up 5.0% from its price of €3.30 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Wireless Telecom industry, which is down 12% over the same period. Duyuru • Oct 12
Cellcom Israel Ltd. Appoints Ilan Sigal as VP Business Development Cellcom Israel Ltd. announced the appointment of Mr. Ilan Sigal as the Company's VP business development effective February 1, 2021. Mr. Sigal has served as VP marketing of Pelephone communications Ltd., and VP marketing and business development of Yes - D.B.S Satellite Services (1998) Ltd. and Bezeq International Ltd. since January 2019 and from 2016 as VP marketing of Pelephone communications Ltd. Duyuru • Sep 29
Cellcom Israel Ltd. Announces Appointment of Rafi Shauli as Vice President of Marketing, Effective on December 1, 2019 Cellcom Israel Ltd. announced that following its previous announcement as to the company's vice president of marketing resigning from office, the company's board of directors has appointed Mr. Rafi Shauli, the company's VP of television and content, as the company's vice president of marketing, as well, effective December 1, 2019. Mr. Shauli has served as the company's VP of television and content since June 2019. From 2012 to 2019, he served as the company's head of private customers marketing department. From 2008 to 2011, he served as director of products and business development in the marketing division of Yes and from 2011 to 2012 as director of products and business development in the marketing division of Bezeq. From 2005 to 2008, Mr. Shauli served as director of communications solutions for businesses in the marketing department of 013 Netvision. Duyuru • Aug 27
Cellcom Israel Ltd. (TASE:CEL) completed the acquisition of Golan Telecom Ltd. from Electra Consumer Products (1970) Ltd (TASE:ECP) and others for approximately ILS 550 million. Cellcom Israel Ltd. (TASE:CEL) entered a binding memorandum of understanding to acquire Golan Telecom Ltd. from Electra Consumer Products (1970) Ltd (TASE:ECP) and others for ILS 720 million on February 18, 2020. The equity consideration of ILS 590 million, is subject to certain adjustments. As part of the consideration, ILS 413 million will be paid on completion of the acquisition and ILS 177 million will be paid within 3 years from the completion. As per the update on February 21, 2020, Cellcom Israel Ltd. plans to keep Golan Telecom as a brand and allow it to continue operating independently after completion of the acquisition. Cellcom has agreed to write off ILS 130 million in debt that Golan Telecom owes it. Golan Telecom has ILS 67 million cash that will remain with previous owner Electra Consumer Products. Cellcom Israel will issue and deposit 8.2 million shares with a trustee to finance the deferred payment including upon an acceleration event.
For year ended December 31, 2019, Golan had revenue of ILS 530 million. The acquisition is subject to customary conditions and representations and is subject to the completion of due diligence, regulatory approval, third parties approval and approval from Competition Authority and Ministry of Communications. On June 8, 2020, the regulatory approval was received from Israel’s Finance Ministry. As of June 10, 2020, the Israeli Competition Commissioner granted its approval for the transaction. On August 13, 2020, the Israeli Ministry of Communications approved the transaction subject to certain conditions. Cellcom Israel Ltd. is evaluating the conditions. This transaction is expected to close by end of 2020. Guez Partners acted as financial advisor to Cellcom Israel Ltd. Avner Finkelshtein of Gornitzky & Co. acted as legal advisor to Golan Telecom Ltd and vis a vis the Competition Authority in this transaction.
Cellcom Israel Ltd. (TASE:CEL) completed the acquisition of Golan Telecom Ltd. from Electra Consumer Products (1970) Ltd (TASE:ECP) and others for approximately ILS 550 million on August 26, 2020. Under the terms, Cellcom will pay ILS 545 million plus an amount equal to the cash and cash equivalents of Golan as of the closing date and minus any financial indebtedness, which were paid in full by the Cellcom to Golan's shareholders in cash. Duyuru • Jul 31
Cellcom Israel Ltd. to Report Q2, 2020 Results on Aug 17, 2020 Cellcom Israel Ltd. announced that they will report Q2, 2020 results at 6:11 AM, GMT Standard Time on Aug 17, 2020 
