Amir Levy (Photo by Yonatan Zindel)
The IEC’s interesting fiber venture is accelerating its retirement rate in Israel. The company raised NIS 500 million in financing from the Migdal insurance company, which will be added to the NIS 200 million that the company has already received from Migdal, so that in total the financing that the company received from Migdal will be a significant amount of NIS 700 million.
The agreement between Unlimited (IBC) and Migdal was signed today and the company announced that it will use the money to accelerate the deployment of the fiber optic network. IBC currently provides Internet infrastructure services to communications companies including Cellcom, HOT, Expon, Internet Pomegranate, Telzer and more. As you may recall, last week it was reported that an agreement had been signed with Partner for the use of the company’s fiber network.
More in-
As stated, this financing agreement joins an earlier loan agreement with Migdal, which together with the current agreement, will reach a total amount of approximately NIS 700 million. The agreement will allow IBC to continue to establish its status as a wholesale company Its advanced optical.
The IBC infrastructure currently reaches about 730,000 households in 60 localities throughout the country, from Kiryat Shmona in the north to Eilat in the south. The company is owned by Cellcom, HOT, Keren Tashi and the Electric Company.
Amir Levy, CEO of Unlimited (IBC): “The agreement testifies to the great trust that Migdal and the capital market have in IBC Unlimited. The loan will be used by the company to finance the acceleration of the deployment of its fiber network, which is currently used by the major players in the industry – HOT, Cellcom, Partner and more. In doing so, IBC has changed the communications infrastructure market in Israel and is a real competition for a monopoly, from which consumers will benefit. ”
Erez Migdali, Acting Director of the Investment Division at Migdal Insurance: “We are pleased to once again cooperate with IBC and increase our funding for the company’s fiber optic deployment project in Israel to NIS 700 million, which indicates our great trust in the company. “Financing the fiber deployment activity is a significant part of the company’s strategy to increase its involvement in the development and construction of advanced digital infrastructure in Israel and abroad, as part of which Migdal invests in server farms (data centers) in the US and Europe and other projects in these worlds.”
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