Cellcom Israel (CEL) Says Advancing Stages of Golan Telecom Talks
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Cellcom Israel Ltd. (NYSE: CEL) is making the following announcement because the Company's controlling shareholder will report this information under its Israeli reporting obligations:
Following the company's previous report regarding the Company's negotiations of a future collaboration with two third parties that are interested in the purchase of Golan Telecom Ltd., or Golan Telecom, the Company is in advanced stages of negotiations with each of these third parties (Marathon 018 Xfone Ltd. with which the Company has entered a network sharing and hosting agreement, as previously reported, and another group of investors), regarding a network sharing and hosting agreement, under which the Company shall be entitled to an annual sum estimated by the Company to be NIS 220 - 250 million for a period of 10 years (a total of over NIS 2.2 billion over the agreement term) which also resolves past national roaming payment differences with Golan Telecom, previously reported).
Any such agreements are subject to the completion of negotiations to the satisfaction of the Company, the Company's board of directors' approval, the purchase of Golan Telecom by one of these third parties and the regulatory approvals for all such agreements. The Company cannot estimate the results of any of the abovementioned negotiations, whether such negotiations shall mature into agreements and whether such agreements shall be approved by the regulators.
For additional details see the Company's 2015 Annual Report under "Item 3 Key Information - D. Risk Factors- Risks Related to our Business -We face intense competition in all aspects of our business" and "- Risks Related to the Proposed Acquisition of Golan Telecom Ltd." and under "Item 4. Information on the Company -"B. Business Overview - General - Agreement for the Purchase of Golan", and under "-Competition - Cellular" and " - Government Regulation -Additional MNOs", and the Company's current reports on Form 6-K date March 28, 2016, April 12, 2016, May 16, 2016, June 13, 2016, July 12, 2016, July 21, 2016, August 10, 2016 under "Other developments during the second quarter of 2016 and subsequent to the end of the reporting period - Golan Telecom" and "Agreement with Xfone", September 6 and 12, 2016.
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