Pelephone acquires Wecom for ~265 million shekels

Israeli mobile operator Pelephone signed an agreement to acquire Wecom for approximately 265 million shekels, subject to regulatory approval. The deal is expected to generate operational savings for parent company Bezeq.

Pelephone announced today the signing of an agreement to acquire the telecommunications activity of Wecom for approximately NIS 265 million. The signing follows the completion of due diligence and negotiations between the parties over recent months. Pelephone CEO Ilan Sigal led the signing of the memorandum of understanding. The deal is expected to significantly strengthen the group's cellular operations. According to Bezeq, the acquisition and expected synergies will lead to significant savings of about NIS 50 million in the short term, mainly in operational expenses. In the long term, savings are expected to reach up to NIS 100 million, thanks to efficiencies in network and frequency costs.