Shlomo Shmeltzer's Shlomo Group subsidiary Afcon Industries Ltd. (TASE: AFIN) will buy the stake in Tadiran Telecom Ltd. held by independent supermarket chain Tiv Taam Holdings 1 Ltd. (TASE:TTAM) subsidiary Robomatix Technologies Ltd. (Pink Sheets: RBMXF) at a company value of NIS 50 million. Robomatix owns 90% of Tadiran Telecom, giving a price tag of NIS 45 million for the deal, and will report a capital gain of NIS 8 million on the sale.
This was Tiv Taam's second attempt to offload Tadiran Telecom. An earlier attempt to sell the company to Xfone Inc. (AMEX:XFN; TASE:XFN) failed to result in a deal.
For Tiv Taam controlling shareholder Amit Berger, who holds the stake through Enter Holdings Ltd. (TASE:ENHD), the sale is part of the effort to divest Tiv Taam of holdings held in the company's previous incarnation as World Group, with which Tiv Taam made a reverse merger to become a public company. Berger had previously acquired World Group and merged it with Tiv Taam.
Tadiran Telecom markets, sells, and supports communications systems in Israel, including telephone switchboards, call centers, CTI applications, and interactive voice response systems.
Published by Globes [online], Israel business news - www.globes-online.com - on September 2, 2008
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