FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For March 8, 2007

Commission File Number: 001-33271

CELLCOM ISRAEL LTD.

10 Hagavish Street
Netanya, Israel 42140
________________________________________________
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
             
  Form 20-F   X         Form 40-F ___  
 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1): _____

 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7): _____
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
  Yes ____       No __X__  
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
Not Applicable






CELLCOM ISRAEL LTD. ANNOUNCES THAT THE IPO UNDERWRITERS’ OPTION
TO PURCHASE ADDITIONAL ORDINARY SHARES HAS EXPIRED

Netanya, Israel – March 8, 2007 – Cellcom Israel Ltd. (NYSE: CEL) (“Cellcom”) announces that the option granted to the underwriters of its IPO under the Underwriting Agreement dated February 5, 2007 to purchase up to 3,000,000 additional ordinary shares from the shareholders who sold shares in the IPO expired on March 7, 2007 without being exercised.

About Cellcom
Cellcom is the leading Israeli cellular company; Cellcom entered the market in 1994 and today provides services to more than 2.8 million subscribers representing approximately 34% market share. Cellcom offers its subscribers a broad range of value added services including video streaming services, JAVA games, Multi Media Messages, content and multimedia services and more. In addition, Cellcom offers a wide range of cellular telephony services to both the private and business sectors including virtual private network (VPN), global roaming, voice-activated dialing and conference calling. Cellcom operates UMTS/HSDPA, GSM/GPRS/EDGE and TDMA networks. Cellcom also offers landline transmission and data services to business customers and telecommunications operators and, since July 2006, offers landline telephony services to selected businesses. For additional information please visit the Company’s website http://www.cellcom.co.il/Cultures/en-US/InvestorRelations.

Company Contact Investor Relations Contact
Shiri Israeli Ehud Helft / Ed Job
Investor Relations Coordinator CCGK Investor Relations
investors@cellcom.co.il ehud@gkir.com / ed.job@ccgir.com
Tel: +972 52 998 9755 Tel: (US) 1 866 704 6710 / 1 646-213-1914
   

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Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    CELLCOM ISRAEL LTD.
         
Date: March 8, 2007 By: /s/ Liat Menahemi Stadler
 
 
      Name: Liat Menahemi Stadler
      Title: General Counsel


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