Noam Lanir yesterday bought 949,648 shares in online translation company Babylon Ltd. (TASE:BBYL) at NIS 4.70 per share, for a total of NIS 4.46 million. He made the purchase through Livermore Investments Group Ltd. (AIM:LIV), where he serves as CEO.
Lanir acquired control of Babylon four years ago, through Chanpak Management Ltd. and owns 21.3% of the company. Four months ago, he sold Babylon shares, making a capital gain of NIS 2 million, reflecting a return on investment of 53% in less than a year. Presumably the shares bought in the currently deal will make their way onto the open market at a handsome profit.
Sources inform ''Globes'' that Livermore was able to buy the Babylon shares at a 27% discount on Sunday's closing price of NIS 6.70 because the seller, Widbrook Partners Inc., is owned by a partner of Lanir in Chanpak, Rafi Barber. Livermore assumed Barber's tax debt for the transfer of the Babylon shares from Chanpak to Widbrook.
Babylon's share price rose 3.2% by mid-afternoon to NIS 6.85, giving a market cap of NIS 316 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 25, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011