Yitzhak Tshuva's deals blitz continues: Delek Group Ltd. (TASE: DLEKG), which he controls, announced this morning that it signed a non-binding memorandum of understanding at the weekend for the sale of 47% of insurance company The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) for NIS 1.7 billion, representing a premium of 16% on Phoenix's market price.
The buyer is foreign business group Kushner Funding LLC, owned by the Kushner family and headed by Jared Kushner, which holds licenses to own and manage a private bank and insurance company in the US.
The current agreement is the latest in a series of deals carried out by Delek Group in the past few weeks, among them the sale of its holding in Delek Europe for NIS 1.7 billion and the sale of its holdings in insurance company Republic and Barak Capital.
Delek Group CEO Asaf Bartfeld said, "The recent deals, even before completion of the Phoenix deal, generate free cash flow for the group of hundreds of millions of shekels in the immediate term. The current agreement demonstrates once again that we are continuing with implementation of the group's strategy of focusing on the energy business while strengthening the group's liquidity and financial flexibility."
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013