Cellcom Confirms Talks to Acquire Apple Reseller iCon Group
Translated & summarized from Calcalist by baba
Cellcom confirmed it is in early-stage talks to acquire iCon Group, Israel's official Apple importer and owner of the iDigital chain. The telecommunications company stated that the deal is not guaranteed and no binding agreement has been signed. Sky fund, a major shareholder, is reportedly seeking a NIS 500 million valuation, while Cellcom's market cap is lower. The acquisition, led by CEO Eli Adadi, would broaden Cellcom's device sales and needs antitrust approval.
The story in 6 lines · by baba
- Cellcom confirmed preliminary talks to acquire iCon Group, Israel's official Apple importer.
- The deal is not guaranteed and no binding agreement has been signed yet.
- Sky fund, a shareholder, is seeking a NIS 500 million valuation for iCon Group.
- Cellcom CEO Eli Adadi is leading the negotiations for the potential acquisition.
- The acquisition would expand Cellcom's mobile device and Apple product sales.
- The deal requires approval from the Israel Competition Authority.
Cellcom has confirmed it is in preliminary talks to acquire iCon Group, the official importer of Apple products in Israel and owner of the iDigital retail chain. The telecommunications company announced the discussions to the stock exchange on Monday, stating that there is no certainty the deal will be finalized and that no binding agreement has yet been signed. The negotiations were first reported by Calcalist on Sunday. Cellcom, controlled by the Fortissimo fund, is reportedly looking to gain control of iCon Group from the Sky fund, which holds a 42.5% stake. Sky, managed by Zvi Yochman and Nir Dagan, is seeking a valuation of NIS 500 million for iCon Group, significantly higher than its market value of approximately NIS 370 million at the time of the report. The requested price for Sky's shares is estimated at NIS 210 million. Cellcom CEO Eli Adadi, who previously managed Cellcom's retail chain Dinamica, is leading the acquisition talks. If successful, the acquisition would expand Cellcom's presence in the mobile device and Apple product sales market. The deal is expected to require approval from the Israel Competition Authority due to the market positions of Dinamica and iDigital.
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