Cellcom Takes over the IBC fiber optic project for NIS 100 million

Hundreds of thousands of households will be able to enjoy surfing the Internet at a speed of 1,000 megabytes, following Cellcom's takeover of the IBC fiber optic project of Unlimited company. The communications giant signed a memorandum of understanding to buy70% of the control of the IEC project for NIS 100 million. Cellcom plans to reach half a million homes in Israel within three years.
The memorandum of understanding was reached with IEC as a senior partner in order to deploy fiber optics on its infrastructure.
Cellcom CEO Nir Stern said: "Cellcom's investment in IBC will enable its continued operations and the possibility of offering Internet services on a fiber optic cable to 150,000 households in IBC's current deployment areas. Our target for the deployment of Cellcom and IBC is to reach over 500,000 households within 3 years, to 900,000 and 1,200,000 households after 5 years and 10 years, respectively. "The amount of the transaction will be provided by Cellcom itself or with a group of investors consolidate.
The fiber project began its path about a decade ago, and knew quite a few potholes. Today it is based on the IEC's infrastructure with a distribution of some 150,000 households in Israel. The deployment is designed to stimulate competition with Bezeq, and to accelerate the distribution of high-speed infrastructures, which can provide up to 1,000 megabytes per second for homes.