"Bloomberg" reports that Tnuva Food Industries Ltd., controlled by Apax Partners is considering an IPO on the TASE at a company value of NIS 8 billion ($2.2 billion), citing a source familiar with the plan.
"Bloomberg" adds that Tnuva has met Clal Finance Underwriters Ltd. and other investment banks about an IPO by the first quarter of 2014. The source added that Apax may also consider an outright sale of the company
“Tnuva’s shareholders are examining various options to enhance the company and its capital structure, one of which is a listing,” said Tnuva spokeswoman Alona Arieli. Clal Finance and Apax declined to comment.
According to "Bloomberg", a share sale at the valuation being discussed would nearly double Apax’s investment after it bought 51% of Tnuva at a $1.03 billion valuation in 2007. The issue would be the largest listing in Israel since Azrieli Group Ltd. (TASE: AZRG) raised NIS 2.5 billion in June 2010 to expand its real estate holdings. A listing at that valuation would probably put Tnuva on the Tel Aviv 25 Index, alongside competitors Osem Investments Ltd. (TASE: OSEM) and Strauss Group Ltd. (TASE:STRS).
Apax holds the controlling core in Tnuva with Mivtach Shamir Holdings Ltd. (TASE:MISH) through a joint venture. Kibbutzim own 23% of the company.
Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2013
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