Zur Shamir Holding carried out the deal through its subsidiary Direct Insurance - Financial Investments in order to strengthen IDI Israel Direct Insurance.
Zur Shamir Holdings (TASE:ZUR) has acquired veteran Moritz & Tuchler brokerage for NIS 22 million. Zur Shamir carried out the deal through its subsidiary Direct Insurance - Financial Investments (TASE:DIFI). "Globes" first reported the deal on June 18.
Zur Shamir operates in several sectors, including real estate through its fully-owned subsidiary Adgar Investment and Development, and financial services through Direct Insurance- Financial Investments, (a 52.3% stake). The acquisition of Moritz and Tuchler is intended to strengthen IDI Israel Direct Insurance.
Most Israeli insurance companies now manage investment portfolios, and have been acquiring financial services companies. Clal Insurance (TASE:CLIS) acquired Ilanot Batucha earlier this year, and Migdal Insurance (TASE:MGDL) acquired Merkazit Capital Markets last year, converting the company into its portfolio management arm.
The proceeds from the sale were paid to Moritz & Tuchler controlling shareholder Yael Moritz and to Ampa, which owns 20% of the company.
Published by Globes [online] - www.globes.co.il - on September 3, 2003