The sellers are United Mizrahi Bank and controlling shareholders Roni Biram and Gil Deutsch.
This morning, Israel Phoenix Assurance (TASE: PHOE1 ;PHOE5) announced to the Tel Aviv Stock Exchange that it had signed an agreement to buy 41% of Excellence Investments Ltd. (TASE: EXCE) for NIS 318 million. The price reflects a value of NIS 775 million for Excellence.
The sellers are the controlling shareholders in Excellence, Roni Biram and Dr. Gil Deutsch, and United Mizrahi Bank (TASE: MZRH). Of the 41% that Phoenix will hold, 25% represents Mizrahi's entire stake in Excellence. The remaining 16% is being sold by Biram and Deutsch.
Following the transaction, Phoenix will have joint control with Biram and Deutsch, with the last two owning 41% of Excellence and Phoenix having a similar stake.
Deutsch and Biram undertook to continue in their present posts at Excellence for five years.
Earlier today, Excellence announced that it had bought Mizrahi's provident funds for NIS 405 million.
Published by Globes [online], Israel business news - www.globes.co.il - on November 13, 2005