Leumi buys 18% of Super Pharm for NIS 190m

The deal gives Super Pharm a company value of NIS 1.05 billion.

Bank Leumi (TASE: LUMI) has bought 18% of drugstore retail chain Super Pharm Ltd. for NIS 190 million through Leumi & Co. The bank has an option to increase its holding to 20%. The deal gives Super Pharm a company value of NIS 1.05 billion. Bank Leumi will appoint two directors to Super Pharm’s board.

Bank Leumi chairman Eitan Raff said the acquisition was part of the bank’s strategy to diversify and increase its sources of revenue. “Leumi has always been characterized by a wide range of its sources of revenue, while fostering over many years non-financial assets that have generated strong profits. The investment in Super Pharm is part of this trend, and I believe that it, too, will generate handsome profits for many years.”

Super Pharm chairman Leon Koffler said, “The Koffler family is proud to have Bank Leumi as a partner. Concern for the good of the chain helped us choose Leumi as a partner, since a link-up with it will enable Super Pharm to preserve and increase its value.”

Published by Globes [online], Israel business news - www.globes.co.il - on May 2, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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