Israeli businessmen Roni Zarum, Shmaya Reichman and Ehoud Amir have signed an agreement to acquire from companies controlled by Eliezer Fishman the controlling stake in Aspen Building & Construction PLC, at company value of NIS 140 million
The group is buying 37.1% of the company, with an option to acquire an additional 3.5%, for NIS 52 million. The transaction is due to complete by June 21.
Aspen Construction and Development is engaged, through the firm itself and its subsidiaries Aspen Real Estate and Aspen Assets, in developing real estate projects, as well as managing, constructing, selling and leasing industrial and commercial assets.
Reichman said that "the acquisition is an expanding stage of our activity in the Israeli real estate arena, due to the strength and potential of this market". Zarum added that "the acquirers believe that Aspen has yet to fulfill its substantial growth potential."
Zarum founded and headed Exalink, a high-tech company that was sold for $550 million dollar to Comverse Technology (Nasdaq: CMVT). His portfolio includes an investment fund (Decima Ventures), start-up companies (Etagon and PineApp) and other industrial initiatives. The Zarum group also established Unistream an association for promoting excellence among young people in outlying areas of Israel.
Shmaya Reichman and Ehoud Amir are involved in projects in the infrastructures and real estate sectors. The majority of their investments in the last two years were hav ebeen in infrastructure projects and real estate in Israel. Shmaya Reichman is a grandson to the Canadian Reichman family, and lives in Israel.
Eliezer Fishman is the controlling shareholder in "Globes".
Published by Globes [online], Israel business news - www.globes.co.il - on May 31, 2005