Pelephone to Acquire Wecom for Over Quarter Billion Shekels
Translated & summarized from N12 by baba
Pelephone has agreed to acquire the mobile company Wecom for approximately 265 million shekels, adding about 300,000 customers to its base. The deal requires approval from Israeli regulators. Pelephone's CEO, Ilan Sigal, 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 around 300,000 customers to Pelephone's subscriber base.
- Regulatory approval from the Ministry of Communications and Commissioner of Competition is required.
- Pelephone CEO Ilan Sigal believes the acquisition will boost competition and innovation.
- The deal is projected to benefit the Bezeq group financially in the short and long term.
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. Completion of 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 a 3% market share. The deal is projected to have a positive impact on the Bezeq group, Pelephone's parent company, estimated at 50 million shekels in the short term and 100 million shekels in the long term.
Ilan Sigal, CEO of Pelephone, stated that the agreement is a positive step towards finalizing the acquisition. He emphasized that the company is seeking the necessary regulatory approvals and believes the deal will enhance competition in network quality, service, and innovation for the benefit of all customers and the Israeli economy. Sigal also highlighted the importance of continued investment in advanced communication infrastructure, which he described as national infrastructure.
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