Selling his life insurance portfolio is one of the conditions for Shlomo Eliahu to acquire control of Migdal.
Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) has signed an agreement to acquire the life insurance business of Eliahu Insurance Company Ltd for NIS 210 million. Selling his life insurance portfolio is one of the conditions for Shlomo Eliahu to acquire control of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), the country's largest insurance company. However, it is still not certain that Eliahu's acquisition of Migdal from Italian insurance giant Assicurazioni Generali will go ahead.
Eliahu's original asking prices for its life insurance business had been NIS 250 million. News of the talks between the two insurance companies was first reported by "Globes."
Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
Ron Stein and Stella Korin-Lieber