Benzinga | Jan 20, 2021 07:33AM EST

Cellcom Israel Announces Israeli Competition Commissioner Approval For Hot Group To Join IBC

NETANYA, Israel, Jan. 20, 2021 /PRNewswire/ -- Cellcom Israel Ltd. (NYSE:CEL) (TASE: CEL) (hereinafter: the "Company") announced today that following its previous announcement regarding an investment transaction between the Company, the Israel Infrastructure Fund and Hot Telecommunication Systems Ltd. in IBC Israel Broadband (2013) Ltd., the Israeli Competition Commissioner granted its approval for the transaction. The completion of the transaction is subject to certain conditions, including the approval of the Israeli Ministry of Communications, or MOC, and regulatory changes, which are yet to be met. The Company cannot guarantee such changes will be made and approval will be granted.

For additional details see the Company's annual report on Form 20-F dated March 23, 2020 under "Item 4 -- Information on the Company -- B. Business Overview -- Networks and Infrastructure -- Fixed-line Segment -- Investment in IBC and sale of fiber-optic infrastructure to IBC" and the Company's current report on Form 6-K dated September 15, 2020.