After debt reduction: Cellcom considers acquiring Icon Group, owner of iDigital chain

Cellcom is considering acquiring Icon Group, the owner of the iDigital chain and Apple products importer in Israel. The talks are preliminary, with the deal valued at an estimated 450–500 million shekels. The move reflects expansion after Cellcom reduced its financial debt to about 1.1 billion shekels. Completion of the deal would require approval from the Competition Authority.

Cellcom is considering acquiring control of Icon Group, the importer and distributor of Apple products in Israel and owner of the iDigital chain. The talks between the parties are at a very preliminary stage, and no agreements have been reached regarding the structure or price of the deal. The deal is estimated in the industry at around 450–500 million shekels. The move aligns with Cellcom's retail activity through the Dinamica chain and reflects the company's expansion direction under CEO Eli Adadi, after focusing on improving profitability and reducing financial debt over the past two years. Cellcom's net financial debt decreased to about 1.1 billion shekels at the end of the second quarter of 2026, compared to about 1.82 billion shekels two years earlier. In the second quarter of 2026, Cellcom recorded a net profit of 92 million shekels, a 44% increase. Icon Group, controlled by Sky Fund, is traded on the Tel Aviv Stock Exchange at a value of about 374 million shekels. Completing the deal would require approval from the Competition Authority.