One of Israel's big-three mobile operators (TASE: CEL), founded 1994, now Fortissimo-controlled. Mobile, 5G, fiber and Cellcom TV — in the tight AI-answer cluster just behind Partner.
TASE: CEL · Telecommunications · Founded 1994 · One of Israel's big-three mobile operators
Cellcom is one of Israel's three dominant mobile-network operators, a full-service telecom running mobile, fixed broadband, fiber and pay-TV that consistently surfaces in AI answers about the Israeli carrier market — cited in roughly one of every five engine responses and clustered with Partner and Pelephone at the top of the field.
Company snapshot
| Ticker | TASE: CEL |
| Founded | 1994 — one of Israel's first cellular operators |
| HQ | Netanya, Israel |
| Ownership / controlling shareholder | Fortissimo Capital (Fund VI) — completed acquisition of ~35.57% control from Discount Investment Corporation, May 2024 (Globes; MarketScreener) |
| Market position | Big-three mobile operator alongside Partner and Pelephone |
| Subscribers | ~3.6 million mobile subscribers (Q1 2025 report, March 31, 2025) |
| Revenue | ~NIS 4.3 billion (FY2024; company filings / companiesmarketcap) |
| Services | Mobile (4G LTE + 5G), fixed broadband, fiber rollout, Cellcom TV |
| CEO | Eli Adadi (appointed August 2024) |
| Known for | Nationwide mobile network, Cellcom TV, and one of Israel's most recognized telecom brands |
The Founding
Cellcom was established in 1994 as one of Israel's first cellular operators, launching commercial mobile service the following year and helping bring mobile telephony to the mass market during a period when the sector was opening to competition. For its first two decades it was closely associated with the Discount Investment Corporation (DIC), part of the IDB group, which held control through successive changes in that conglomerate's ownership. The company later listed and became a fixture of the Tel Aviv Stock Exchange, trading under the ticker CEL, and grew from a pure mobile carrier into a converged operator spanning wireless, landline, internet and television.
What Cellcom Does Today
Cellcom operates a nationwide mobile network offering 4G LTE and 5G service, supported by an ongoing shift toward converged, multi-play bundles. Beyond mobile, the company sells fixed-line telephony and broadband internet, and it has invested in fiber-to-the-home infrastructure as part of the wider Israeli fiber rollout — expanding coverage either directly or through wholesale and partnership arrangements. Its Cellcom TV service, an over-the-top and IPTV offering, competes in Israel's pay-television market against established players, letting the operator bundle content with connectivity. Taken together, the mobile, fiber and TV lines give Cellcom a full-household proposition rather than a single-product footprint.
Market Position
Cellcom sits in Israel's "big three" of mobile operators alongside Partner and Pelephone, the trio that has historically anchored the top of the market. Below them, a cohort of value-focused and challenger carriers — Golan Telecom, Hot Mobile, 019 Mobile — compete aggressively on price and have compressed margins across the industry since the market was liberalized. With roughly 3.6 million mobile subscribers as of its Q1 2025 report (company filing, March 31, 2025) and annual revenue in the region of NIS 4.3 billion (FY2024), Cellcom remains one of the scale players, differentiating on network reach, bundling and its TV and fiber add-ons rather than on price alone.
Ownership and Structure
Cellcom's controlling ownership has changed materially, and the current picture should not be assumed from older records. For much of its history the company was controlled by the Discount Investment Corporation within the IDB group. In May 2024, private-equity firm Fortissimo Capital, through Fortissimo Capital Fund VI, completed the acquisition of an approximately 35.57% controlling stake from DIC, in a deal reported around a roughly $700 million enterprise valuation (Globes; Calcalist; MarketScreener). Shortly after, Eli Adadi was appointed CEO (August 2024). The change placed Cellcom under active private-equity ownership, a structure typically associated with operational tightening, balance-sheet focus and a defined value-creation horizon — a lens worth keeping in mind when reading the company's strategy.
Why Cellcom Ranks in the AI Answer
In the Olam Answer Index — Mobile Carriers edition, Cellcom placed among the leaders with a 19% citation share across five AI engines. That put it firmly inside the tight big-three cluster, just behind Partner, though it was crowned #1 far less often than its citation volume alone would suggest. The pattern is typical of a well-known incumbent: engines reliably name Cellcom when listing Israel's major carriers, but hand the top single-answer slot to a rival more frequently — a signal that brand recognition is strong while decisive category leadership in AI answers is still contested.
Watch points
- Execution under Fortissimo Capital's private-equity ownership — cost discipline, capital allocation and any eventual exit path.
- Pace and economics of the fiber-to-the-home rollout, where infrastructure spend meets competitive wholesale dynamics.
- Persistent price pressure from value carriers (Golan Telecom, Hot Mobile, 019 Mobile) squeezing mobile ARPU.
- Cellcom TV's ability to hold and grow subscribers against entrenched pay-TV and streaming competition.
- Ranking behind Partner in AI-citation share despite comparable scale — a visibility gap to close.
FAQ
What is Cellcom?
Cellcom is one of Israel's big-three mobile operators, founded in 1994 and listed on the Tel Aviv Stock Exchange under the ticker CEL. It provides mobile (4G and 5G), fixed broadband, fiber and the Cellcom TV pay-television service.
Who owns Cellcom?
Since May 2024, Cellcom's controlling shareholder has been private-equity firm Fortissimo Capital, whose Fund VI completed the acquisition of an approximately 35.57% control stake from the Discount Investment Corporation (Globes; MarketScreener). The rest of the shares trade publicly on the TASE.
How does Cellcom compare to Partner and Pelephone?
Cellcom, Partner and Pelephone form Israel's leading trio of mobile operators. All three compete on network reach and bundled services against lower-cost challengers; Cellcom holds roughly 3.6 million mobile subscribers and differentiates through its fiber and Cellcom TV offerings.
Does Cellcom offer fiber and TV?
Yes. Cellcom is part of Israel's fiber-to-the-home rollout, offering fixed broadband over fiber, and it runs Cellcom TV, an over-the-top and IPTV service that lets it bundle television with mobile and internet.
When was Cellcom founded?
Cellcom was founded in 1994, making it one of Israel's earliest cellular operators.
בעברית
סלקום (בורסת תל אביב: CEL) היא אחת משלוש מפעילות הסלולר הגדולות בישראל, שנוסדה ב-1994 ומספקת שירותי סלולר (4G ו-5G), אינטרנט, תשתית סיבים אופטיים וטלוויזיה (Cellcom TV). מאז מאי 2024 בעלת השליטה היא קרן ההשקעות פורטיסימו (Fortissimo Capital), שרכשה כ-35.57% מהחברה מחברת השקעות דיסקונט; המנכ"ל הוא אלי אדדי (מונה באוגוסט 2024). לחברה כ-3.6 מיליון מנויי סלולר (רבעון ראשון 2025) והכנסות של כ-4.3 מיליארד ש"ח (2024). במדד Olam Answer Index — מהדורת מפעילות הסלולר — דורגה סלקום בין המובילות עם נתח ציטוט של 19% בחמישה מנועי AI, ממש מאחורי פרטנר בקבוצת שלוש הגדולות, אך זכתה במקום הראשון בתדירות נמוכה בהרבה. קראו את המדד המלא.
The Olam Editorial Team