US engineering company Pangea Group has acquired Emmanuel Antebi's NIP Global company for $30 million in cash and debt in a deal signed last Sunday. Antebi is one of the controlling shareholders in Pangea, together with CEO Rafi Kaminer and COO Meir Ben Rechav, both of whom come from high tech; commercial director Adv. Sharon Weizman-Avidar; and Henry Orlinsky, a private US investor.
The Pangea Group is a global company that develops infrastructure, heavy transportation, and power station projects. The company, which Antebi cofounded in 2009, is a partner in the Jerusalem light rail project and is involved in the Har Gilboa power station project. The company also invests in infrastructure and makes connections between investors and projects in various African countries.
NIP Global, founded in 1955, develops electronic infrastructure for population registries and issuing biometric documents. The company has been involved for years in projects for various countries. In February 2012, it signed an agreement with the government of Lesotho, following which NIP Global was accused of bribing an employee of a foreign public servant - the first such case in Israel.
The 2016 indictment alleged that in order to safeguard the economic interests it was promoting in Lesotho, NIP Global hired the services of a local intermediary to promote its interests in the government tender, for which it paid him a $500,000 bribe. The company signed a plea bargain following the indictment in which it admitted the offense and was fined NIS 4.5 million.
The indictment has clearly not affected the company's business; its revenue turnover in recent years has been estimated at $50 million. It is believed that NIP Global makes an annual profit of several million dollars. Its main competitor is SuperCom, which has been in an unstable financial situation for years. NIP Global has tried to achieve a deal for its acquisition in recent years, possible for reasons of Antebi's (79) health.
Published by Globes [online], Israel business news - www.globes-online.com - on June 14, 2018
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