developing· Economy· Updated
Cellcom Explores Acquiring Control of Apple Distributor iCon Group
The Israeli telecommunications company Cellcom is in preliminary negotiations to acquire a controlling stake in Icon Group, the official importer and distributor of Apple products in Israel and owner of the iDigital retail chain. The talks, led by Cellcom CEO Eli Adadi, are in their early stages with no agreement yet reached on the structure or price of the deal.
4 newsrooms · 1 language · since
What happened
- 01Cellcom is in preliminary talks to acquire a controlling stake in Icon Group, the parent company of the iDigital retail chain.
- 02The Sky investment fund is seeking 210 million shekels for its 42.5% controlling stake in Icon Group.
- 03Sky is seeking a 500 million shekel valuation for Icon Group, which has a market value of about 370 million shekels.
- 04Icon Group reported a net profit of 22.4 million shekels on revenues of 860 million shekels for the first half of 2026.
- 05Icon Group is currently facing a class-action lawsuit totaling 241 million shekels over its customer repair services.
- 06Cellcom reduced its net financial debt to 1.1 billion shekels and reported a second-quarter net profit of 92 million shekels.
- 07The potential acquisition of the Apple distributor will require regulatory approval from the Israel Competition Authority.
Sky investment fund, which holds a 42.5% stake in Icon Group, is seeking a valuation of 500 million shekels for the company, or 210 million shekels for its own controlling stake. This represents a premium of over 30% on Icon Group's current market value, which stands at approximately 370 million to 374 million shekels. Sky acquired its stake in 2017 for 110 million shekels and has been exploring a sale since August.
Icon Group reported revenues of 860 million shekels and a net profit of 22.4 million shekels for the first half of 2026, representing a 78.5% profit increase year-over-year. However, the company is currently facing a 241 million shekel class-action lawsuit regarding its customer repair services.
For Cellcom, the acquisition represents a strategic shift toward growth and expansion, leveraging its existing retail presence through its Dynamica subsidiary. Cellcom recently reported a net profit of 92 million shekels for the second quarter of 2026 and has reduced its net financial debt to approximately 1.1 billion shekels. Any final transaction will require approval from the Israel Competition Authority.
Summarized by baba from the reports of 3 newsrooms. Updated
Latest report: Bizportal. Read Bizportal’s originalThe coverage
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