Israel's Bezeq Telecom to spinoff ICT business unit

Israel's Bezeq Telecom to spinoff ICT business unit

Bezeq, Israel's largest telecoms group, has approved plans to spin off Bezeq International's ICT business activities into a separate corporation.

The transferred activity will be spun off following the regulatory provisions and subject to the completion of the structural change, which shall be established and wholly owned by the company.

The Board also approved the merger of Bezeq International's consumer activities with satellite TV unit Yes.

Meanwhile, Bezeq earned 304 million shekels ($94 million) in the second quarter excluding one-time items, compared with 252 million shekels a year earlier.

Bezeq reported a retail fixed broadband subscriber base totalling 1.009 million as of 30 June 2021, up from 991,000 a year earlier, although wholesale broadband lines declined from 539,000 to 520,000. Active fixed voice subscriber lines continued on a downward trajectory, falling to 1.615 million at mid-2021, from 1.630 million a year earlier.

It said subscriptions to its fibre-to-the-premises (FTTP) network launched six months ago were growing fast and the network now reaches 700,000 households. It has said it expects to reach 1 million households by year-end.

In the mobile sector, Bezeq reported that Pelephone’s subscriber base rose to 2.521 million as of end-June 2021, up from 2.365 million at mid-2020. Also of note, the company claimed to have ‘over 400,000 subscribers with 5G plans’ at the end of the reporting period.

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