CEL - Israel MOC approves Hot-Israel Broadband deal; Cellcom up 2.8%

Cellcom Israel (CEL) says that the Israeli minister of communications has approved the investment transaction between itself, the Israel Infrastructure Fund and Hot Telecommunications Systems in IBC Israel Broadband. The group had received approval for the deal from the competition commissioner on Jan. 20. The original transaction, announced last September, provided for a substantial increase in deployment of IBC's fiber-optic network as Hot became an equal partner in the IBC partnership by matching the investments of Cellcom and the IIF. Cellcom is up 2.8% premarket; with it having filed to delist from the NYSE, today was the earliest possible day that might be its last day of trading on the exchange.

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Israel MOC approves Hot-Israel Broadband deal; Cellcom up 2.8%