Calcalist Exclusive

The holding company is on its way to becoming the largest shareholder in DIC, and will acquire 29.9% of its shares. DIC is the controlling shareholder in Cellcom. ELCO will hold a share portfolio similar to Mega Or and Tzachi Nachmias with Rami Levy holding 8% of the shares.

Golan Hazani

14:30 , 02.06.21

The road has been paved for Elco Holdings to enter as the largest shareholder group in Discount Investment Corporation (DIC) and to purchase 29.9% of the company’s shares.

Read more in Calcalist:

• The Competition Authority has approved ELCO’s acquisition of DIC, now awaiting the Ministry of Communications

• The road of the Salkind brothers to DIC challenges Israel’s Anti-Concentration Law

• The Salkind Brothers are following in the footsteps of Gil Agmon and want to turn bad air conditioners into profit

Calcalist has learned that the Ministry of Communications recently transferred the holding permit in Cellcom (controlled by DIC) to Elco Holdings, which is controlled by Michael and Daniel Salkind. This paved the way for the authorization of share acquisition.

Elco Holdings will hold a share portfolio similar to Mega Or Holdings and Tzachi Nachmias with Rami Levy holding 8% of the shares.

The purchasing group was organized by Mega Or Holdings, although the shareholders will not be considered to be a controlling block.

The Ministry of Communications’ approval was the final authorization, after Elco Holdings had already received the Competition Authority’s authorization for the deal.