Fosun Group acquires Israeli company Ahava for $77m

Ahava

The Chinese investment group has signed an agreement in Jerusalem to buy the Dead Sea cosmetics company.

Leading Chinese investment company Fosun Group has signed an agreement with the shareholders of Ahava to fully acquire the Israeli Dead Sea cosmetics company for NIS 290 million ($77 million). A deal was signed this evening at a special event in Jerusalem's David Citadel Hotel. Fosun Vice Chairman and CEO Liang Xinjun and Gaon Holdings CEO Guy Regev signed the agreement, which was witnessed by Israeli government officials and both companies’ representatives.

Under the terms of the agreement, Fosun will acquire the holdings from all Ahava's shareholders including Gaon Holdings, Livnat family, Shamrock Israel Growth Fund Advisors, Kibbutz Mitzpe Shalem, and Kibbutz Kalia.

Xinjun said “We feel very confident about the market in Israel and continue to seek suitable investment opportunities in different areas in the country. We are glad to have succeeded in acquiring such a famous, strong and successful brand as Ahava under this mutually beneficial agreement. We will endeavor to extend the success of this brand to China and other countries.”

Fosun was represented in this transaction by Herzog Fox & Neeman's M&A Partners, Ran Hai and Yair Geva as well as Corporate Associate, Erez Abu. Ahava's shareholders were represented by Gornitzky & Co.'s M&A Partner Chaim Friedland and Corporate Associates Yoav Meer and Nir Knoll.

Published by Globes [online], Israel business news - www.globes-online.com - on April 10, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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