Last checked at 8 Aug 2018 08:28
LEI: 213800FLQUB9J289RU66
8 August 2018
BATM Advanced Communications Limited
("BATM" or "the Group")
Agreement with Cellcom to sell IBC holdings
BATM to receive approx. $3.2m for its stake in fibre-optic consortium
BATM Advanced Communications Limited (LSE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, announces that Cellcom Israel Ltd ("Cellcom"), a leading telecommunications group, has entered a memorandum of understanding (the "Agreement") with the members of the consortium that was established in 2013 for the construction of a new fibre optic network in Israel alongside the Israel Electric Corporation ("IBC"), as previously announced, to acquire the consortium's stake in IBC. BATM will receive NIS12m (c. $3.2m) for its 7.5% interest 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. The Group will receive the proceeds from the sale upon the closing of the transaction.
Dr Zvi Marom, Chief Executive Officer of 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."
Enquiries:
BATM Advanced Communications | |
Dr Zvi Marom, Chief Executive Officer | +972 9866 2525 |
Moti Nagar, Chief Financial Officer | |
Shore Capital | |
Mark Percy, Anita Ghanekar | +44 20 7408 4050 |
Luther Pendragon | |
Harry Chathli, Claire Norbury | +44 20 7618 9100 |