FIMI to take 51% stake in PCB Technologies

Ishay Davidi  photo; Tamar Matsafi

Ishay Davidi's FIMI Opportunity Funds has signed an MOU to invest NIS 125 million in the Migdal Ha'emek-based electronics company.

PCB Technologies (TASE: PCBT) notified the Tel Aviv Stock Exchange this morning that it had signed a memorandum of understanding with FIMI Opportunity Funds, controlled by Ishay Davidi, on an investment of NIS 125 million in the company in exchange for a 51% stake. The deal is at a share price of NIS 3.63, giving PCB Technologies a valuation of NIS 245 million after the investment.

In addition, FIMI's option on shares in PCB Technologies' parent company Priortech (TASE: PRTC) has been extended to the end of 2019, in parallel to the postponement of the repayment date for the balance of a loan by FIMI to the company.

Shares in PCB Technologies, which closed at NIS 3.33 yesterday, have soared by nearly 50% this morning.

PCB Technologies was founded in 1981. The company is based in Migdal Ha'emek. Its business is the production of printed circuit and top level assemblies.

FIMI Opportunity Funds was founded in 1996 and is Israel's largest private equity firm, with $3.5 billion in assets under management.

Published by Globes [online], Israel business news - www.globes-online.com - on November 14, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Ishay Davidi  photo; Tamar Matsafi
Ishay Davidi photo; Tamar Matsafi
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