Billionaire Teddy Sagi is acquiring a 44% controlling interest in Brack Capital Properties NV (TASE: BCNV) from the controlling shareholders in the company for NIS 1.1 billion.
The deal was signed today, and is slated for closure within a month. The company's market cap before the deal was reported was NIS 2.62 billion. Sagi is acquiring the controlling shares at NIS 345 per share, slightly below the market price.
Controlling shareholders Shimon Weintraub and Ronen Peled, together with Brack Capital Reinstock, Firsl, and Kipler, are selling 2.9 million shares.
The Teddy Sagi group said today, "We are delighted to acquire control of Brack Capital, which is a very high-quality and broad platform for reentering the German real estate market. We expect to leverage our capabilities and provide the company with additional opportunities and expertise, such as access to deals, financing, and professionalism in the international markets."
Brack said, "We are putting control of the company we founded 12 years ago into the best hands, and we are convinced that the extraordinary capabilities of the Teddy Sagi group owners, including development, creativity, professionalism, strength, and widespread connections, will make a substantial contribution to the company and its shareholders, to whom we wish great success."
In recent months, a struggle took place between the Brack board of directors and management and controlling shareholder Shimon Weintraub (through BCRE). Among other things, the dispute concerned the company's dividend policy.
Published by Globes [online], Israel Business News - www.globes-online.com - on May 23, 2017
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