Pelephone Signs NIS 265 Million Memorandum to Acquire Wecom

Pelephone signed a non-binding memorandum of understanding to acquire all shares of Wecom Mobile for about NIS 265 million, on a cash-free and debt-free basis and subject to final adjustments. The parties agreed to 60 days of exclusivity, extendable by 30 days, while they conduct due diligence and negotiate a binding agreement. Completion would require all Wecom shareholders to join, approval from both companies' boards, and clearances from the Competition Authority and Communications Ministry. Bezeq projects annual savings of about NIS 50 million in the short term and NIS 100 million over the medium to long term, but said there is no certainty the transaction will close.