Tamir Fishman Real Estate's board approved the reverse merger with Fattal Hotel Management's European business.
Fattal Hotel Management Ltd. will float its European Leonardo brand hotel business on the TASE through a reverse merger with Tamir Fishman Real Estate Ltd. (TASE: TFRE).
Tamir Fishman Real Estate's board of directors approved the deal. Fattal Hotel will transfer 90% of its Leonardo operations to the company in exchange for a 90% stake in it. Fattal Hotel provisionally estimates the value of the business at €142.4 million. The non-binding estimate is seven times more than earlier estimates of NIS 100 million.
The Leonardo brand has 34 hotels in Switzerland, Germany, and Belgium.
Tamir Fishman Real Estate is a venture of Tamir Fishman Investment House Ltd. that has operations. Tamir Fishman Real Estate's share price rose 6% by midday to NIS 1.98, giving a market cap of NIS 41 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 20, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
Tamar Koblenz and Irit Avissar