Fittings and valves maker Ham-Let (Israel-Canada) Ltd. (TASE: HAML) reported to the Tel Aviv Stock Exchange (TASE) this morning that its controlling shareholder Discount Investment Corporation (TASE: DISI), controlled by Nochi Dankner's IDB Holding Corp. Ltd. (TASE:IDBH) has reached an agreement to sell its full holdings (60.1%) to First Israel Mezzanine Investors Fund (FIMI) for $66.11 million.
The company's statement said, "The deal is conditional on the approval of the Antitrust Authority, Investment Center and banks that have loaned money to Ham-Let, as required, and also dependent on no Ham-Let equipment being damaged from the date of the agreement until the completion of the acquisition in a manner that would substantially prevent the continuation of operations."
"Globes" reported at the start of June that IDB had put Ham-Let up for sale and that a number of investment funds had expressed interest in acquiring the company. In the end FIMI run by CEO Yishay Davidi has bought the company.
Most of Ham-Let's output is exported. The company's main plant at Tzipori in the Galilee has a high level of automation and sophistication. Customers include some of the world's largest oil and gas companies including Exxon-Mobil as well as General Electric and Applied Materials. First quarter 2012 revenue was NIS 82 million with profits of NIS 8 million.
The sale of Ham-Let is part of IDB's attempts to improve liquidity to meet its bond repayments.
Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2012
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