The price was NIS 10 million.
Solly Sakal has sold half of Sakal Duty Free Watches to H. Stern Jewelry and Precious Stones Ltd. for NIS 10 million. The Antitrust Authority has approved the deal. “Globes” first reported on the negotiations in August.
H. Stern will buy half of Sakal Group subsidiary Sakal Duty Free Watches and open a joint company Sakal Stern.
Sources inform ''Globes'' that Sakal Duty Free Watches has an estimated turnover of $4.5 million, and it pays the Israel Airports Authority $1.4 million in rent.
For the past year, Solly Sakal has been seeking partners for all of his businesses, except for Sakal Duty Free, in an effort to raise NIS 200 million. No deal has been made to date. Sakal believes that an international partner will boost duty free watch sales by 30% in 2007. For its part, H. Stern is acquiring a substantial interest in an Israeli importer and marketer of luxury watches.
Published by Globes [online], Israel business news - www.globes.co.il - on October 11, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006