This is the company's first acquisition.
Kaman Holdings (Mendelson Group) Ltd. (TASE:KMNH), subsidiary Mofet Technology Fund Management Ltd. (TASE:MOFT), has announced its first deal today since Kaman controlling shareholder Rony Elroyi acquired it from his father-in law Yitzhak Tshuva last November. Mofet said today that it signed a memorandum of understanding (MOU) for the acquisition of 50% of a new company that will manage the business of US insurance company Legacy Benefits Corporation (LBC).
LBC was founded in 1991 and provides life insurance policies to institutional customers worldwide. LBC buys life insurance policy portfolios and tailors policy portfolios to its customers' needs.
Under the agreement, Mofet will inject $10 million into the new company and pay a further $10 million to LBC. In addition, should the company meet a series of agreed performance targets, Mofet will pay LBC a further $10 million over a period of five years.
Published by Globes [online], Israel business news - www.globes.co.il - on July 18, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007