The deal values Office Depot Israel at NIS 80 million, of which Zim will receive NIS 35 million, as the chain has NIS 45 million debt.
After intensive negotiations, Rani Zim signed an agreement on Friday to sell the Office Depot retail chain to vehicle importer UMI (Universal Motors Israel). The sale is at a valuation of NIS 80 million, and includes NIS 45 million debt owed by Office Depot.
"Globes" first reported last August that Zim was putting Office Depot up for sale through EY, seven years after he bought it. The chain consists of 41 branches around Israel. Zim held it privately, and not through the public real estate company that bears his name. The reason for the sale is that Zim wishes to concentrate on enhancing and expanding his commercial real estate business.
In the current deal, Zim receives NIS 35 million net. He is estimated to have invested NIS 30 million in taking over Office Depot. He bought half the shares in the chain in 2014, and the remainder a year later
Published by Globes, Israel business news - en.globes.co.il - on May 22, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Rani Zim credit: Eyal Izhar