The Israeli insurance company will pay NIS 275 million for the investment house.
Israeli insurance company The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) will buy the Halman Aldubi Investment House Ltd. (TASE: HAIN) after being off a bid from Altshuler Shaham . Phoenix will pay NIS 275 million for Halman Aldubi, a premium on the investment house, which has a market cap of NIS 236 million.
The acquisition fits into the Phoenix's aggressive growth strategy after foreign equity funds CenterBridge and Gallatin point bought control of the Israeli insurance company in May 2019. Halman Aldubi manages pension and provident funds and other assets worth NIS 70 billion, which will be added to the NIS 218 billion in assets managed by the Phoenix itself.
Published by Globes, Israel business news - en.globes.co.il - on December 8, 2020
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Phoenix