Israeli tech and real estate billionaire Teddy Sagi has increased his stake in Israeli cybersecurity and privacy protection company Kape Technologies (AIM: KAPE) to 87.6% through an offer to purchase, the company has reported to London's Alternative Investment Market (AIM).
Sagi, who previously held a 54.8% stake in Kape, paid $515 million for the shares and plans to delist the company from the market at the end of the month. Last February, Sagi made an offer to purchase the shares from the public that he did not hold in Kape, managed by CEO Ido Erlichman, through his holding company Unikmind. He offered to pay a premium of 10% over the company's share value at the time for a total investment of $700 million, although in the past the share price has been higher.
Sagi's offer to purchase said, "Having weighed the pros and cons of a public listing under the current macro uncertainties and thin stock market trading as well as new growth avenues, we are firm in our view that Kape’s next chapter in its corporate journey should be within the private arena."
The offer to purchase was completed at a company valuation for Kape of over $1.5 billion.
Published by Globes, Israel business news - en.globes.co.il - on May 8, 2023.
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