CEL Cellcom Israel Ltd

NETANYA, Israel, Nov. 23, 2017 /PRNewswire/ -- Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (hereinafter: the "Company"), announced today that following previous reports, IDB Development Corporation Ltd., or IDB, completed the sale of its holdings in Discount Investments Corporation Ltd. (the Company's indirect controlling shareholder) to a private Israeli company indirectly controlled by IDB's controlling shareholder, in order to accommodate IDB group's pyramidal structure to the Israeli Promotion of Competition and the Mitigation of Concentration Law, or Concentration Law. As a result, the Company is now a second layer company according to the Concentration Law, and the requirements imposed on the Company as a third layer company do not apply to it any more.

For additional details see the Company's most recent annual report for the year ended December 31, 2016 on Form 20-F dated March 20, 2017 under "Item 3.D - legislation in Israel affecting corporate conglomerates could adversely affect us" and the Company's current report on Form 6K dated August 4, 2017 under "Other developments during the second quarter of 2017 and subsequent to the end of the reporting period – IDB" and the current report on Form 6K dated October 19, 2017 under " Share Ownership".

About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the largest Israeli cellular provider; Cellcom Israel provides its approximately 2.805 million cellular subscribers (as at September 30, 2017) with a broad range of value added services including cellular 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 LTE 4 generation network and an HSPA 3.5 Generation network enabling advanced high-speed broadband multimedia services, in addition to GSM/GPRS/EDGE 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 technical support, account information, direct to the door parcel delivery services, internet and fax services, dedicated centers for hearing impaired, etc. Cellcom Israel further provides OTT TV services (as of December 2014), internet infrastructure (as of February 2015) and connectivity services and international calling services, as well as landline telephone communications services in Israel, in addition to data communications 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://investors.cellcom.co.il.

View original content:http://www.prnewswire.com/news-releases/cellcom-israel-announces-dic-sale-to-private-company-controlled-by-idbs-controlling-shareholder-300561408.html

SOURCE Cellcom Israel Ltd.