Unlimited to speed up fiber-optic deployment

cellcom-unlimited-iec signing

The company is receiving a NIS 350 million loan from Migdal Insurance and additional financing from Cellcom and IIF.

Israeli fiber-optics communications infrastructure company Unlimited (IBC) announced today a NIS 400 million financing agreement for support of its accelerated infrastructure deployment.

The financing consists of a NIS 350 million loan from Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and a NIS 50 million injection by Unlimited shareholders Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) and Israel Infrastructure Fund (IIF).

This financing is in addition to investments totaling NIS 350 million by Cellcom and IIF when they first invested in Unlimited in July 2019. Unlimited will use the money it received to speed up deployment of its high-speed Internet infrastructure throughout Israel.

Unlimited is committed to deploying infrastructure in 40% of Israel's area within a decade. The company's fiber-optic infrastructure is already deployed in 40 Israeli cities, and deployment of additional infrastructure is proceeding at full speed.

Published by Globes, Israel business news - en.globes.co.il - on March 18, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

cellcom-unlimited-iec signing
cellcom-unlimited-iec signing
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018