Pelephone Acquires Wecom for Over Quarter Billion Shekels
Translated & summarized from Mako by baba
Pelephone has agreed to acquire Wecom for approximately 265 million shekels, adding about 300,000 customers to its base. The deal requires approval from Israeli regulators. Pelephone's CEO believes the acquisition will strengthen competition and allow for continued investment in national communication infrastructure.
The story in 5 lines · by baba
- Pelephone will acquire Wecom for approximately 265 million shekels.
- The deal is expected to add about 300,000 customers to Pelephone's subscriber base.
- Regulatory approval from the Ministry of Communications and the Commissioner of Competition is required.
- Pelephone's CEO, Ilan Sigal, believes the acquisition will boost competition and infrastructure investment.
- Wecom holds roughly 3% of the Israeli mobile market share.
Pelephone, a leading Israeli mobile carrier, has signed an agreement to acquire the mobile company Wecom for approximately 265 million shekels. The deal, which follows due diligence and months of negotiations, is expected to add around 300,000 customers to Pelephone's existing base of over 2.7 million subscribers. The acquisition is contingent upon approval from the Ministry of Communications and the Commissioner of Competition.
Pelephone, the first mobile operator in Israel, aims to strengthen its network, service, and innovation capabilities with this acquisition. Wecom holds approximately 3% of the market share. The company anticipates the deal will have a positive impact on the Bezeq group, estimating short-term gains of about 50 million shekels and long-term gains of around 100 million shekels.
Ilan Sigal, CEO of Pelephone, stated that the signing of the agreement is a positive step toward completing the acquisition. He emphasized that the company is now seeking the necessary regulatory approvals. Sigal believes the deal will enable Pelephone to continue investing in advanced communication infrastructure, which he described as national infrastructure, and will enhance competition in network quality, service, and innovation for the benefit of all customers and the Israeli economy.
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