Israeli mobile phone operator, Cellcom, is seeking to buy Netvision, Reuters reports. The company has offered about $421 million in cash for its sister concern, which provides Internet and domestic and international landline services.

The company intends to use the proceeds to fund the purchase price, in whole or in part, with new debt financing arrangements. Cellcom and Netvision are both subsidiaries of the IDB Holding conglomerate.

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