U.S. Markets closed

Cellcom Emerges as Top Suitor to Salvage Israeli Fiber Firm

Yaacov Benmeleh
Cellcom Emerges as Top Suitor to Salvage Israeli Fiber Firm

Cellcom Israel Ltd. has emerged as the leading contender for an investment that the government hopes will turn a failing fiber-optic network into one that could rival the country’s biggest broadband providers. The nation’s largest mobile-phone operator is among suitors weighing a cash infusion of about 1 billion shekels ($274 million) into Israel Broadband Co. Ltd., the Ministry of Communications said in an emailed response to questions. The investment is aimed at expanding the reach of IBC’s network to as much as 40 percent of the country and would give the winning bidder a 60 percent stake currently held by a consortium of investors, it said.