Competition in the fiber optic cable market is heating up after IBC Unlimited raised NIS 450 million in a financing agreement with Migdal Insurance and Financial Holdings Ltd. (TASE:MGDL) and Israel Discount Bank (TASE: DSCT). In two previous financing rounds Migdal has extended credit of NIS 700 million to IBC Unlimited. RELATED ARTICLES Mekorot set to receive communications license Israel narrows the telecoms gap To date IBC Unlimited has provided a fiber optic communications infrastructure to 1.4 million homes in 161 cities and villages throughout Israel. With the new financing, the company will extend the network to 2 million households, expanding on its regulatory commitment to reach 1.7 million households by 2026. IBC is owned by Hot, Cellcom, Israel Infrastructure Fund and Israel Electric Corp. IBC Unlimited CEO Yossi Haver said, "The agreement reflects a vote of confidence by Migdal and Israel Discount Bank in IBC Unlimited, and the advanced communications infrastructure, which is the base for all activities in the Israeli economy: health, education through remote learning applications from home including people with remote jobs and more." Published by Globes, Israel business news - en.globes.co.il - on October 2, 2023. © Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
