Altshuler Shaham to buy Psagot for NIS 910m

Gilad Altshuleri

The deal, which must now be approved by a range of regulators will make Althshuler Shaham, Israel's biggest provident funds and study funds company.

Altshuler Shaham Provident Funds & Pensions Ltd. (TASE: ASPF) has signed an agreement to buy Psagot Investment House Ltd. from Apax Partners for $910 million. With adjustments the deal, the likelihood of which was first revealed by "Globes" last month, could reach NIS 1 billion.

The deal, which must now be approved by a range of regulators including the Israel Competition Authority and the Israel Securities Authority, will make Althshuler Shaham, Israel's biggest provident funds and study funds company.

Apax is now in talks sell Psagot's insurance agencies including the Davidov Agency to Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) for NIS 65-70 million.

Apax acquired 76% of Psagot in 2010 at a company valuation of NIS 2.7 billion and bought the remaining stake in 2015 at a company valuation of NIS 1.9 billion, paying a total of NIS 2.5 billion for full control of the investment house.

Published by Globes, Israel business news - en.globes.co.il - on February 14, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Gilad Altshuleri
Gilad Altshuleri
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