Sources inform ''Globes'' that Internet billionaire Yitzhak Mirilashvili has bought an office complex in the Lod industrial zone from Telrad Networks Ltd. for NIS 129.5 million. The purchase comes a month after he acquired control of D. Rothstein Construction & Assets Co. Ltd. (TASE:ROTS). Telrad announced the sale, without mentioning the buyer's name, in its prospectus for a Tel Aviv Stock Exchange (TASE) IPO.
The five-building complex includes Telrad's headquarters, which the rest of the space leased to other tenants. The land has 23,000 square meters in unused building rights.
As a result of the sale, Telrad swung from $11.2 million in negative equity at the end of 2013 to $13.5 million. The company plans to raise NIS 100 million at a company value of NIS 380-400 million, after money. The company is controlled by Fortissimo Capital, which acquired it for NIS 100 million from Koor Industries Ltd. (TASE:KOR). Under Fortissimo's control, the company refocused and restructured in 2009-10, following the collapse of Nortel Networks, which was responsible for over half of Telrad's sales.
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
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