The Israel Electric Corporation (IEC) fibre optic venture has deposited the ILS 300 million guarantee required by the tenders committee. According to Globes, ILS 100 million was deposited in cash and the rest in guarantees. The tenders committee is now examining the guarantee's legal aspects to ensure that everything is proper, and will soon formally close the deal. IEC and its partners will soon establish a joint venture, which will apply to the Ministry of Communications for a licence, and will seek offices and a CEO. The venture's chairman is Zeev Goldberg, an investment banker who coordinated the tender for ViaEuropa AB and Cisco Systems, according Telecompaper. His commitment to serve for one year was one of the conditions for the companies' Israeli partners to join the venture. IEC will own 40 percent of the venture, and the ViaEuropa-Cisco consortium will own 60 percent.
In turn, Cisco and ViaEuropa own half of the consortium. The other half of the consortium will be owned by BATM Advanced Communications, Rapac Communication and Infrastructure, Tamares and Bynet Data Communications, in equal shares.
