Telecommunications tycoon Shaul Elovitch is deepening his collaboration with the Weil family. Four years after he took control of Sahar Investments Ltd. (TASE:SAIN-M), Elovitch signed a deal to sell part of his holdings in the company to members of the Weil family, with whom he collaborates on real estate deals.
Elovitch signed the deal to sell the stake at the same time as Sahar signed a memorandum of understanding to buy Enlight Renwable Energy.
Sahar Investments parent company Eurocom Group will sell to Shai, Gil, and Ayelet Weil 21.2% of its shares in Sahar at a company value of NIS 50 million, about 25% higher than its market value. The investment is expected to reach NIS 10 million.
Elovitch and the Weil family are equal partners in Eurocom Global Real Estate.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2009
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