Centerbridge Partners and Gallatin Point Capital have signed a binding agreement to buy the controlling stake in The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) from Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, at a company valuation of NIS 1.6 billion. Phoenix's market cap recently overtook that of Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) to make it Israel's most valuable insurance company. The deal was accompanied by former Accountant General and Mizrahi Tefahot Bank (TASE:MZTF) CEO Eli Younes. RELATED ARTICLES Delek signs agreement to sell Phoenix stake for NIS 1.6b Centerbridge execs in Israel for Phoenix acquisition talks The agreement was signed today after several months of rigorous due diligence conducted by the buyers as well as checks by the capital market regulator Moshe Bareket, who is expected to approve the deal. Sources inform "Globes" that Mizrahi Tefahot Bank (TASE:MZTF) Menorah Mivtachim Holdings Ltd. (TASE: MORA) and Meitav DS will provide Centerbridge Partners and Gallatin Point Capital with financing of NIS 575 million in order to purchase the 32.5% stake of Phoenix from Delek Group. The financing deal will be led by Mizrahi Tefahot and the deal was signed today in the law offices of Gornitzky & Co. Published by Globes, Israel business news - en.globes.co.il - on May 23, 2019 © Copyright of Globes Publisher Itonut (1983) Ltd. 2019
