Fox in talks to buy 50% Shilav stake

Shilav stores

Ronen Eldad's acquisition of Shilav from its founders was announced only a few weeks ago.

A few weeks after it was reported that baby products chain Shilav had been acquired by Ronen Eldad from its founders, the Oren family, Fox-Wizel Ltd. (TASE: FOX), controlled by Harel Wizel today reported that it was in advanced negotiations with a company controlled by Eldad to acquire 50% of the issued share capital in both Shesek Supply Services for Mother, Baby, and Child and Shilav Direct Marketing to Mothers' Home - fellow subsidiaries completely owned by Eldad, for a total of NIS 37.5 million.

In the negotiations between the parties, it was agreed that the shareholders agreement between them would include provisions enabling the company to consolidate the Shilav companies' financial statements.

The Shilav chain is a retail chain that sells products for babies and children. The chain has 74 bramches nationwide, including five branches operated by franchise holders. The group's ecommerce website was launched in 2013. The Shilav chain's products include baby products; which account for most of its sales (furniture, baby carriages, safety seats, etc.); toys; textile products for interior decorating; and clothing for babies and children up to age five. The Shilav companies' headquarters and logistics center are located in Airport City.

Published by Globes [online], Israel business news - www.globes-online.com - on April 17, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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