Unlimited applies for new Communications Ministry license

cellcom-unlimited-iec signing

Cellcom's entry into the Israeli fiber optic venture is expected to change its mode of operation substantially.

On Thursday, fiber optic venture Unlimited applied to the Ministry of Communications for a new, revised license. The application rests on changes in the license that the ministry has already approved. The procedure is that the ministry places a new license for Unlimited "on the shelf", but the company must submit an application in order to receive it. The process of obtaining the license is expected to be completed within the next two to three months.

The application for a new license was submitted following the change in ownership of the venture, which now consists of Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL), and the Israel Infrastructure Fund, which will hold 70% of it, and Israel Electric Corporation, which will hold 30%.

The venture is crying out for an injection of capital in order to expedite the deployment of its fiber optic network. Cellcom's entry into the venture is expected to change its mode of operation substantially.

Published by Globes, Israel business news - en.globes.co.il - on January 20, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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