Gad Zeevi sells Subaru importer Japanauto

Shimon Barzilay, the owner of the Subaru dealership in Jerusalem, is buying Japanauto for an estimated NIS 110-160 million.

The deal has been closed for the sale of Japanauto Holdings Ltd. (TASE:JPNT.B1), the parent company of the Subaru importer. After examining offers for ownership of Japanauto, the two controlling shareholders, both private companies owned by Gad Zeevi, chose the offer made by Shimon Barzilay, the owner of the Subaru dealership in Jerusalem.

The size of the deal has not been disclosed because it is being implemented in exchange for assuming Gad Zeevi's debts to Michael Cherney who has a lien on 80% of Japanauto's shares. The buyer will also have to reach an accommodation with the bondholders.

Market sources believe that the size of the deal is between NIS 110 and NIS 160 million and that Barzilay is backed by a group of strategic investors who so far remain anonymous.

Published by Globes [online], Israel business news - www.globes-online.com - on December 5, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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