Sources inform ''Globes'' that private equity company Permira is considering a major investment in Israel: it is in talks with IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, to acquire Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS). Permira had considering acquiring Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), YES, and HOT Telecommunication Systems Ltd. (TASE: HOT).
Permira representatives recently visited Clal Insurance's offices and received a briefing by the company's officers. A source close to the negotiations called the private equity fund "the most serious of the parties interested".
An IDB spokesman declined to comment.
Eight months ago, IDB hired Goldman Sachs Inc. (NYSE: GS) as an advisor for the sale of Clal Insurance. Goldman Sachs has subsequently sought to bring Dankner a number of potential buyers.
Dankner reportedly wants to sell Clal Insurance at a company value of $1.9 billion, reflecting a 65% premium on its market cap. Clal Insurance's share price rose 0.4% to NIS 79.50, giving a market cap of NIS 5.75 billion.
Permira's funds have €20 billion in assets under management. The firm was founded in 1985 and has invested in around 190 companies since then. Permira has offices in cities including London, Paris, Milano, and Frankfurt. It set up a financial investment arm in 2008 and has been seeking investment opportunities.
Published by Globes [online], Israel business news - www.globes-online.com - on August 19, 2010
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