The merger requires approval from the Antitrust Authority.
Keter Publishing House (TASE:KETR) and Steimatzky today signed an agreement to found a joint company, named Keter Books, which will publish and distribute the books of the two companies. Keter Publishing’s printing enterprise and Steimatzky’s bookstores will not be included in the merger, nor will real estate and cash balances belonging to the two companies.
Keter Publishing, controlled by the Jerusalem-based Reshef family, will own 52% of Keter Books, and Steimatzky, controlled by Ari Steimatzky, will own 48%. Keter Book’s activity is expected to total NIS 50 million its first year, more than 60% from Keter Publishing. The merger requires approval from the Antitrust Authority.
Keter Publishing, which has a NIS 60 million market cap, finished January-September 2004 with a NIS 5 million profit on a NIS 52 million turnover.
Published by Globes [online] - www.globes.co.il - on February 27, 2005