FIMI in talks to buy 30% stake in C. Mer

FIMI Opportunity Funds would pay NIS 95 million for the stake in C. Mer, which operates in telecom, security, and cleantech.

FIMI Opportunity Funds (FIMI), run by CEO Ishai Davidi, is in talks to acquire 30% of C. Mer Industries Ltd. (TASE: CMER) for NIS 95 million. When the deal is closed, C. Mer will distribute a NIS 77 million dividend, an extraordinary 26% dividend yield on yesterday's closing market cap of NIS 296 million.

C. Mer's share price rose 17.5% on the report to NIS 45.80.

C. Mer operates in telecommunications, security, and cleantech. Holdings include Mer Telecom Ltd., Spacecom Satellite Communications Ltd. (TASE:SCC) (4.14%), and solar energy operator Sun Team Group Ltd. (TASE: SNTG) (33.06%).

C. Mer's controlling shareholders, Chaim Mer (48.31%) and Isaac Ben-Bassat (15.14%) will continue to control the company together with FIMI, after its investment.

Published by Globes [online], Israel business news - - on August 12, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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