NETANYA, Israel, April 5, 2017 /PRNewswire/ --
Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (hereinafter: the "Company") announced today that following previous reports regarding the receipt of regulatory approvals for the Company's network sharing and hosting services agreement with Electra Consumer Products Ltd., or Electra (to be adopted by Golan Telecom Ltd., or Golan Telecom, upon and subject to Golan Telecom's share capital being purchased by Electra, or the Share Purchase Agreement) (the "Network Sharing Agreement"), according to Electra's notification to the Company, the Share Purchase Agreement was completed. Accordingly, the Network Sharing Agreement came into effect.
For additional details see the Company's most recent annual report for the year ended December 31, 2016 on Form 20-F, filed on March 20, 2017, under "Item 3. Key Information - D. Risk Factors - Risks Related to our Business - We face intense competition in all aspects of our business" and "Item 4. Information on the Company - B. Business Overview - Networks and Infrastructure- Cellular Segment- Network Sharing Agreements", "-Competition - Cellular" and "- Government Regulation - Cellular Segment - Additional MNOs".
Forward looking statement
The information included in this press release contains, or may be deemed to contain, forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968). Said forward-looking statements, relating to the execution of the Network Sharing Agreement and the benefits therefrom, are subject to uncertainties and assumptions about the parties' ability to execute the contemplated arrangements and the Israeli telecommunication market condition. The actual conditions the Company may face could lead to materially different outcome than that set forth above.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the largest Israeli cellular provider; Cellcom Israel provides its approximately 2.801 million cellular subscribers (as at December 31, 2016) with a broad range of value added services including cellular telephony, roaming services for tourists in Israel and for its subscribers abroad and additional services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an LTE 4 generation network and an HSPA 3.5 Generation network enabling advanced high speed broadband multimedia services, in addition to GSM/GPRS/EDGE networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Through its broad customer service network Cellcom Israel offers technical support, account information, direct to the door parcel delivery services, internet and fax services, dedicated centers for hearing impaired, etc. Cellcom Israel further provides OTT TV services (as of December 2014), internet infrastructure (as of February 2015) and connectivity services and international calling services, as well as landline telephone communication services in Israel, in addition to data communication services. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For additional information please visit the Company's website http://investors.cellcom.co.il/