Harel has committed to buy 100% of Israel's largest credit card company for NIS 2.934 billion.
Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) has signed a binding merger agreement to acquire Israel's largest credit card company Isracard (TASE: ISCD) at a company valuation of NIS 2.934 billion. The deal must be approved by Isracard's shareholders and it will require the support of 50.01% of them. If the deal is completed then Isracard will delist from the TASE.
Menora Mivtachim Holdings Ltd. (TASE: MORA) also bid to buy Isracard but only a 32% controlling core.
The deal was led for Harel by its deputy chairman Ben Hamburger who said, "We are delighted about the signing of the deal and believe that it is good for all the parties of interest in Isracard. We believe that the price we have offered for the deal is proper and fair. The deal reflects a premium of 38.2% on the price of Isracard's share on the day of our offer."
The deal is also subject to approval by the Israel Competition Authority, which last week approved Clal Insurance's acquisition of credit card company Max from Warburg Pincus.
Published by Globes, Israel business news - en.globes.co.il - on February 13, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
Ben Hamburger credit PR