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08 Aug 2018 | 09:58

BATM agrees to sell stake in Israel Electric Corporation to Cellcom for about $3.2m

Networking solutions provider BATM Advanced Communications said Wednesday it would receive from Cellcom NIS12m, or about $3.2m, for its 7.5% stake in the Israel Electric Corporation.

BATM was part of the consortium that was established in 2013 for the construction of a new fibre optic network in Israel alongside the Israel Electric Corporation, or IBC. Cellcom reached an agreement with members consortium to buy out their stake in IBC.

The agreement is subject to the receipt of regulatory approval, which is expected to occur by the end of the first half of 2019, BATM said.

'We are pleased to have entered into this agreement with Cellcom, along with our consortium partners, which will generate additional value from this legacy asset. We look forward to seeing Cellcom and the Israel Electric Corporation progress the project and wish them all the best for the future,' said Dr Zvi Marom, Chief Executive Officer of BATM. At 9:58am: (LON:BVC) BATM Advanced Communications Ltd share price was +0.35p at 41.35p

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