Fortissimo Capital in talks to buy controlling share of Israel’s Cellcom

JERUSALEM: Private equity fund Fortissimo Capital is negotiating to buy a controlling share of Israeli telecom group Cellcom from Discount Investment Corp, according to a regulatory filing in Tel Aviv on Tuesday.

Discount said that it has entered a non-binding agreement to sell Fortissimo its 35.6% stake in Cellcom for 925 million shekels ($249 million), valuing the company at 2.6 billion shekels. Its stake is currently worth 793 million shekels.