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Cellcom Israel Announces Netvision Merger Transaction Completed
NETANYA, Israel, August 31, 2011/PRNewswire-FirstCall/ --
Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today that
following previous reports regarding the merger transaction between the
Company, a wholly-owned subsidiary of the Company and Netvision, on August
31, 2011 the merger transaction was completed. The merger consideration in
the total amount of NIS 1,570,409,980 (approximately NIS 49.68 per one
Netvision share; or approximately $13.91 per one Netvision share based on
NIS/$ exchange ratio of NIS 3.5720 per one $ as of August 30, 2011) was
transferred by the Company for the benefit of the shareholders of Netvision
as of August 31, 2011. The merger consideration includes an interest at an
effective rate of five percent (5%) per year, calculated based on actual
days elapsed from April 1, 2011 and until the completion of the transaction,
in accordance with the terms of the merger agreement. Effective as of August
31, 2011 all the outstanding shares of Netvision were transferred to the
Company and Netvision became a private company wholly owned by the Company.
For details on the proposed merger transaction with Netvision see the
Company's current reports on Form 6-K filed on June 16, 2011 and July 28,
2011 under "Item 3 - Approval of merger between the Company's subsidiary and
Netvision Ltd.", and on August 8, 2011 under "Other developments during the
second quarter of 2011 and subsequent to the end of the reporting period -
Netvision" and the Company's current report on Form 6-K filed on August 29
regarding the closing date.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the leading Israeli
cellular provider; Cellcom Israel provides its approximately 3.366 million
subscribers (as at June 30, 2011) with a broad range of value added services
including cellular and landline telephony, roaming services for tourists in
Israel and for its subscribers abroad and additional services in the areas
of music, video, mobile office etc., based on Cellcom Israel's
technologically advanced infrastructure. The Company operates an HSPA 3.5
Generation network enabling advanced high speed broadband multimedia
services, in addition to GSM/GPRS/EDGE and TDMA networks. Cellcom Israel
offers Israel's broadest and largest customer service infrastructure
including telephone customer service centers, retail stores, and service and
sale centers, distributed nationwide. Through its broad customer service
network Cellcom Israel offers its customers technical support, account
information, direct to the door parcel services, internet and fax services,
dedicated centers for the hearing impaired, etc. As of 2006, Cellcom Israel,
through its wholly owned subsidiary Cellcom Fixed Line Communications L.P.,
provides landline telephone communication services in Israel, in addition to
data communication services. Cellcom Israel's shares are traded both on the
New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For
additional information please visit the Company's website
http://www.cellcom.co.il
Company Contact
Yaacov Heen
Chief Financial Officer
investors@cellcom.co.il
Tel: +972-52-998-9755
Investor Relations Contact
Porat Saar
CCG Investor Relations Israel& US
cellcom@ccgisrael.com
Tel: +1-646-233-2161
Source: Cellcom Israel Ltd.
.
Cellcom Israel Announces Netvision Merger Transaction Completed
NETANYA, Israel, August 31, 2011/PRNewswire-FirstCall/ --
Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today that
following previous reports regarding the merger transaction between the
Company, a wholly-owned subsidiary of the Company and Netvision, on August
31, 2011 the merger transaction was completed. The merger consideration in
the total amount of NIS 1,570,409,980 (approximately NIS 49.68 per one
Netvision share; or approximately $13.91 per one Netvision share based on
NIS/$ exchange ratio of NIS 3.5720 per one $ as of August 30, 2011) was
transferred by the Company for the benefit of the shareholders of Netvision
as of August 31, 2011. The merger consideration includes an interest at an
effective rate of five percent (5%) per year, calculated based on actual
days elapsed from April 1, 2011 and until the completion of the transaction,
in accordance with the terms of the merger agreement. Effective as of August
31, 2011 all the outstanding shares of Netvision were transferred to the
Company and Netvision became a private company wholly owned by the Company.
For details on the proposed merger transaction with Netvision see the
Company's current reports on Form 6-K filed on June 16, 2011 and July 28,
2011 under "Item 3 - Approval of merger between the Company's subsidiary and
Netvision Ltd.", and on August 8, 2011 under "Other developments during the
second quarter of 2011 and subsequent to the end of the reporting period -
Netvision" and the Company's current report on Form 6-K filed on August 29
regarding the closing date.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the leading Israeli
cellular provider; Cellcom Israel provides its approximately 3.366 million
subscribers (as at June 30, 2011) with a broad range of value added services
including cellular and landline telephony, roaming services for tourists in
Israel and for its subscribers abroad and additional services in the areas
of music, video, mobile office etc., based on Cellcom Israel's
technologically advanced infrastructure. The Company operates an HSPA 3.5
Generation network enabling advanced high speed broadband multimedia
services, in addition to GSM/GPRS/EDGE and TDMA networks. Cellcom Israel
offers Israel's broadest and largest customer service infrastructure
including telephone customer service centers, retail stores, and service and
sale centers, distributed nationwide. Through its broad customer service
network Cellcom Israel offers its customers technical support, account
information, direct to the door parcel services, internet and fax services,
dedicated centers for the hearing impaired, etc. As of 2006, Cellcom Israel,
through its wholly owned subsidiary Cellcom Fixed Line Communications L.P.,
provides landline telephone communication services in Israel, in addition to
data communication services. Cellcom Israel's shares are traded both on the
New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For
additional information please visit the Company's website
http://www.cellcom.co.il
Company Contact
Yaacov Heen
Chief Financial Officer
investors@cellcom.co.il
Tel: +972-52-998-9755
Investor Relations Contact
Porat Saar
CCG Investor Relations Israel& US
cellcom@ccgisrael.com
Tel: +1-646-233-2161
Source: Cellcom Israel Ltd.
.