Cellcom Confirms Talks to Acquire Apple Reseller iCon Group

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.