Israel’s BATM Advanced Communications, a leading provider of real-time tech for networking solutions and medical laboratory systems, announced Wednesday that Israeli telecommunications company Cellcom Israel has entered into a Memorandum of Understanding (MOU) with members of the consortium first established in 2013 for the construction of a new fiber optics network in Israel, alongside the Israel Electric Corporation, to acquire the consortium’s stake in the project. BATM will receive NIS 12 million (about $3.2 million) for its 7.5 percent interest in IBC.
The group will receive the proceeds from the sale upon the closing of the agreement, which is expected to occur by the end of the first half of 2019, though subject to the receipt of regulatory approval.
“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,” Dr Zvi Marom, CEO of BATM, said.