US investment firms Centerbridge Partners and Gallatin Point Capital will pay NIS 1.7 billion for a 32.5% stake in the insurance company.
Israel's Capital Market, Insurance and Savings Authority commissioner Dr. Moshe Bareket has approved that sale by Delek Group Ltd. (TASE: DLEKG) of the The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) insurance company to Centerbridge Partners and Gallatin Point Capital. Thus after five failed attempts by Delek to sell one of Israel's largest insurance and financial companies, which manages NIS 200 billion of the Israeli public's pension and savings plans, the latest attempt has overcome its final hurdle.
All that remains now is for the buyers, both investment firms, to complete the deal by paying Delek NIS 1.7 billion for a 32.5% controlling stake of the Phoenix.
Published by Globes, Israel business news - en.globes.co.il - on November 1, 2019
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Moshe Bareket