FIMI acquires TAT Technologies for NIS 125m

FIMI outbid Sky Israel Private Equity Fund in the final round of bidding for TAT Technologies.

FIMI Opportunity Funds (FIMI), headed by Ishai Davidi, has acquired the 43.71% controlling interest in TAT Technologies Ltd. (Nasdaq:TATT; TASE:TATTF) from TAT Industries Ltd. (TASE:TAT5) for NIS 125 million. TAT Technologies develops and manufactures components for military and civilian aircraft. It has a market cap of NIS 205 million ($53 million).

The sale was handled by Tel Aviv District Court-appointed receivers of Kaman Holdings Ltd. (TASE:KMNH) to sell its holdings in subsidiaries on which Bank Hapoalim (TASE: POLI) and Israel Discount Bank (TASE: DSCT) have liens. Kaman subsidiary Isal Amlat Investment Ltd. (TASE:ISAL) controls TAT Technologies.

FIMI outbid Sky Israel Private Equity Fund in the final round of bidding for TAT Technologies.

Published by Globes [online], Israel business news - www.globes-online.com - on June 23, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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