"We don't have a limit to invest," CEO Amos Genish said.

The company plans to reach 80 new cities, for a total of 180 cities, at a cost of 10 billion raised over the next five years, according to the report.

But company said it needs to find employees who specialize in building telecommunications networks, a concern in a country where a number of companies have complained about the lack of an educated workforce.

France's Vivendi in 2009 paid 7.7 billion raised for GVT, the fixed-line and data services carried.