Battery Ventures exits Direct Insurance with 400% gain

US investment fund Battery Ventures has brought to a close its highly successful investment in Direct Insurance Financial Investments Ltd. (TASE: DIFI) (IDI Insurance), which belongs to the Schneidman family's Zur Shamir Holdings Ltd. group. Battery Ventures has now sold its remaining stake in Direct IDI Holdings, which has a market cap of about NIS 3.6 billion, following a multifold rise in its share price since it was floated in August 2013.

The latest sale was an off-floor transaction worth NIS 30 million. It was made at a 4% discount on the market price, through Discount Underwriting. Battery Ventures has thus completed a very successful sortie into the Israel insurance market, with a fourfold return on its original investment.

Battery Ventures bought 17% of IDI Insurance in July 2012, at a company valuation of NIS 900 million. Since then it has gradually realized its investment, and also benefitted from a stream of dividends. Battery Ventures ceased to be a party at interest in IDI (that is, its stake fell below 5%) in May 2017.

Published by Globes [online], Israel business news - www.globes-online.com - on February 26, 2018

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