Bezeq's Pelephone bids for Israeli mobile rival Golan Telecom
The proposal is valid until April 15 and is subject to various conditions, including signing a binding agreement.
By REUTERSThe logo of Bezeq Israeli Telecommunication Corp Ltd, the country's largest telecom group, is seen outside their headquarters in Tel Aviv, Israel June 21, 2017.(photo credit: REUTERS/AMIR COHEN)Bezeq Israel Telecom’s (BEZQ.TA) Pelephone unit submitted a bid to buy smaller mobile phone rival Golan Telecom for 710 million shekels ($207 million), Bezeq said in a regulatory filing.The proposal is valid until April 15 and is subject to various conditions, including signing a binding agreement.Electra Consumer Products (ECP.TA), Golan’s parent, said it was studying the proposal and it was not certain if it will lead to a final deal.Pelephone is Israel’s third-largest mobile phone operator. Its bid is the latest in a likely trend of consolidation in the mobile phone sector, as revenue has plunged and companies are barely profitable in the wake of intense competition.On Sunday, Cellcom (CEL.TA), Israel’s largest mobile operator, said it was in negotiations to buy Golan.Last month, Altice Europe’s (ATCA.AS) ‘HOT’ subsidiary — Israel’s lone cable company — offered to buy Partner Communications (PTNR.TA), the country’s second-largest mobile operator.Israel’s mobile phone industry was shaken up in 2012 with the entry of new operators, sparking a price war. A calling, text and surfing package can be had for as little as $6 a month.With some companies barely profitable, many Israeli firms have so far baulked at investing in a new 5G network.
Related Tagsgolan telecombezeq
if(catID != 151){
var cont = `Take Israel home with the new Jerusalem Post Store