XIO Group buys Meitav Dash for NIS 1.48b

Zvi Stepak

Meitav Dash CEO Ilan Raviv, chairman Zvi Stepak and vice chairman Avner Stepak will remain in their jobs.

Meitav Dash Investments Ltd. (TASE: MTDS) notified the Tel Aviv Stock Exchange that it has been acquired by London-based private equity company XIO Group for NIS 1.48 billion.

Meitav-Dash, controlled by Zvi Stepak and Eli Barkat's BRM Group, is Israel's second largest investment house with NIS 122 billion under management.

Meitav Dash CEO Ilan Raviv, chairman Zvi Stepak and vice chairman Avner Stepak will remain in their jobs and continue to manage the Tel Aviv based company.

Meitav shareholders will be offered two alternatives for the acquisition of the company. They can sell their shares for NIS 22 per share, a 61% premium on the company's current share price, or NIS 13.70 per share in cash now and a further NIS 13.70 in payments over three years from completion of the deal.

The boards of directors of both Meitav Dash and XIO have approved the deal. Zvi Stepak and BRM Group have both signed a commitment to support the deal at the shareholders meeting. The deal is also subject to regulatory approval.

This is XIO's second Israeli acquisition, after it bought medical device company Lumenis for $510 million in 2015.

Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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