Bezeq's Pelephone bids for Israeli mobile rival Golan Telecom [Reuters]
BEZEQ ISRAEL TELCM UN/ADR (BZQIY)
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Source: Reuters
Bezeq's Pelephone bids for Israeli mobile rival Golan Telecom JERUSALEM, Feb 17 (Reuters) - Bezeq Israel Telecom’s Pelephone unit submitted a bid to buy smaller mobile phone rival Golan Telecom for 710 million shekels ($207 million), Bezeq said in a regulatory filing. The proposal is valid until April 15 and is subject to various conditions, including signing a binding agreement. Electra Consumer Products, Golan’s parent, said it was studying the proposal and it was not certain if it will lead to a final deal. Pelephone is Israel’s third-largest mobile phone operator. Its bid is the latest in a likely trend of consolidation in the mobile phone sector, as revenue has plunged and companies are barely profitable in the wake of intense competition. On Sunday, Cellcom, Israel’s largest mobile operator, said it was in negotiations to buy Golan. Last month, Altice Europe’s ‘HOT’ subsidiary — Israel’s lone cable company — offered to buy Partner Communications, the country’s second-largest mob
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