Elscint (NYSE:ELT) has announced that it intends to acquire the Israeli operations and distribution rights of the internationally renowned retail brand name Mango - MNG. The current owners presently operate nine Mango - MNG retail facilities in various cities in Israel.
In consideration for the acquisition of 100% of the equity and voting rights in the acquired company, Elscint will pay an aggregate amount of 2.85 million euros (approximately $3.8 million at the date of this release). Elscint has retained the right to introduce additional purchasers, provided that it retains the control of the acquired company.
The transaction will likely be closed by the end of the month of January 2005.
Rachel Lavine, President and CEO of Elscint, commented: "Introducing the internationally renowned Mango - MNG brand name to the tenant mix at the Arena shopping and entertainment center will enhance its attraction to potential patrons and further build upon the center's prestigious reputation."
Elscint has interests in hotels in Western Europe, in hotel development projects principally in Western and Central Europe and in the Arena commercial and entertainment center in Israel.
Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, December 28, 2004