IBI Brokerage's owners want to use Alexander's international connections and experience to expand the company's activities overseas, especially in the US capital market.
Two months after a report that Comverse Technology (Nasdaq: CMVT) chairman and CEO Kobi Alexander was negotiating to acquire a quarter of the controlling interest in Israel Brokerage & Investment (IBI) Ltd. the deal was signed yesterday. IBI's three controlling shareholders - Zvi Lubetzky, Emanuel Kook, and David Weisberg - are making an impressive exit. They are selling 12.64% of Gahelet Investment Co. (TASE:GAHE) and 25% of IBI Holdings and Management Ltd., a private company, for NIS 50 million. The three men will share the proceeds equally. When the deal is closed tomorrow, Alexander's stake will equal that of each of the three sellers.
Alexander's entry into IBI Brokerage, one of the largest private brokerages in Israel's capital market, is due to the desire of its controlling shareholders to sell part of their stakes, and to use Alexander's international connections and experience to expand IBI Brokerage's activities overseas, especially in the US capital market.
Published by Globes [online], Israel business news - www.globes.co.il - on May 10, 2005