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Isracard shareholders approve acquisition by Delek

Yitzhak Tshuva credit: Gidon Levy and Tali Bogdanovsky
Yitzhak Tshuva credit: Gidon Levy and Tali Bogdanovsky
21 Feb, 2025 7:54
שלח תגובה במיילHezi Sternlicht

For the deal to go through, approval is now needed from the Supervisor of Banks and the Israel Competition Authority.

Shareholders of Israeli credit card company Isracard (TASE: ISCD) yesterday voted in favor of selling control of the company to Delek Group (TASE: DELKG), controlled by Yitzhak Tshuva, at a company valuation of NIS 3.56 billion. After the vote, Isracard's shareholders approved the agreement signed by the company's management with Delek Group, which paved the way for selling control of the company.

However, approval by the shareholders is not the end of the story. Formal regulatory approval must be given by Supervisor of Banks Daniel Hahiashvili, and the Israel Competition Authority head Michal Cohen. While approval by the Supervisor of Banks is more complicated, the Delek Group has been making it clear in recent months that they have been conducting advanced negotiations on the subject since June 2024, so that the Israel Competition Authority should have no problem approving the deal. The next step will be to wait and see if approval is received from the Bank of Israel. If regulatory approvals are received, then Delek is expected to take control of Isracard.

Delek moved closer to its goal of buying control of Isracard earlier this week when the credit card company's chair Tamar Yassur and CEO Ran Oz ruled out the bids of Menora Mivtachim (TASE: MMHD) and Bank of Jerusalem (TASE: JBNK).

Published by Globes, Israel business news - en.globes.co.il - on February 21, 2025.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.

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