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NEW YORK - Network provider Cellcom Israel Ltd. said Thursday that its controlling shareholder has agreed to sell 1.9 million shares, or a roughly 2 percent stake in the company, to a financial institution, which will then sell the shares to non-U.S. investors.
| CEL | 28.85 |  -0.21 |
The shareholder, Discount Investment Corp. Ltd., will sell the shares for about $64 million in cash. The sale is expected to close Thursday. Discount Investment will then hold a 50.7 percent stake in Cellcom.
Cellcom is one of Israel's largest cell-phone network providers. It claims more than 3 million subscribers.
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