Cellcom Israel Reports Its Controlling Shareholder Announcement Re Creditors Arrangement Proposal In Eurocom

NETANYA, Israel, Feb. 18, 2018 /PRNewswire/ -- Cellcom Israel Ltd. (NYSE: CEL) (the "Company") reported today that following its previous announcement regarding Discount Investment Corporation Ltd., or DIC, its indirect controlling shareholder's announcement, that DIC's binding inclusive proposal for a creditors arrangement in Eurocom Communications Ltd., or Eurocom, and/or companies in the Eurocom group, expired, DIC announced that it ceased conducting negotiations regarding the formation of an updated creditors arrangement proposal. DIC also indicated that it shall continue to follow the developments in the matter and may consider submitting an updated offer according to the circumstances. There is no assurance that an updated offer shall be filed.

For additional details see our most recent reports on Form 6-K dated January 16 and 30 and February 5 and 12, 2018.

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.

SOURCE Cellcom Israel Ltd.