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Bezeq Israel Telecom gains labor union backing for subsidiary merger

In recent years, the Company has been acting to cancel the obligation of structural separation between the Company and its subsidiaries, and the Company believes that all the conditions for cancellation of the structural separation have long been fulfilled. For further information, see also section 1.7.3 of the Description of Company Operations in the Periodic Report for 2022.

In this context, to advance the Company’s activity on an issue that is of utmost importance to Bezeq Group, the Company asked the representatives of the Company’s employees (the “Employee Representatives”) to support and advance successful completion of the measure, at this stage, regarding the efforts to cancel the structural separation between the Company and the subsidiary yes Television and Communication Services Ltd. (“yes”).

On March 3, 2024, the Employee Representatives, in coordination with representatives of yes employees, announced that it agrees to the Company’s request to support the measure, including reaching agreements between the parties for cooperation with and updating of the Employee Representatives on the Company’s activities on the subject, including:

Consulting with and informing the Employee Representatives prior to any measure that constitutes a structural change in the process.

Regulating the implications of the measures on the employees of the Company and yes in a collective agreement (or another way that is agreed on); any measure with such implications will not be performed unilaterally and will be subject to a reasonable and fair arrangement between the parties, with negotiations that include requirements for arranging financial consideration in favor of the employees.

Applying the arrangement with the required changes to any similar measure in the future for other subsidiaries.

The Company believes that the involvement of the Employee Representatives of the Company and yes will contribute to the Company’s efforts to cancel the structural separation between the two companies.

CT Bureau

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