Better Place sold to Tsahi Merkur for NIS 11m

The deal with Merkur's Success Assets comes after the Sunrise consortium failed to make its first payment.

Better Place Israel will be sold to Success Assets Ltd., owned by Tsahi Merkur, for NIS 11 million, the Central District Court ruled on Sunday.

Under the acquisition offer, within seven days, Mekur will sign a personal guarantee for the full amount of the acquisition, and a personal guarantee for a letter of indemnification covering the guarantees of Better Place Israel's subsidiaries to the Ministry of Transport. Within 21 days, he will deposit with the company's special managers an opinion on a property on which a commitment to register a lien of up to NIS 5 million will be placed. By September 30, 2013, he will make a NIS 2 million payment. The total payment is NIS 11 million.

The deal with Success Assets comes after the deal for the acquisition of Better Place Israel by the Sunrise consortium, headed by Yosef Abramowitz, was cancelled when it failed to make the first NIS 3.52 million payment, even after a postponement.

Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2013

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

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