Mirilashvili completes Rothstein acquisition

Yitzhak Mirilashvili and his partner paid NIS 67 million for 55% of the developer.

Yitzhak Mirilashvili has completed the takeover of D. Rothstein Construction & Assets Co. Ltd. (TASE:ROTS) together with company CEO Avishai Ben-Haim, paying NIS 67 million for 55% of the company at NIS 10.10 per share, a 3% premium on Tuesday's opening price. The four sellers include Shmuel Leviev, the brother of Lev Leviev. The previous controlling shareholders will keep 23% of the company; Mirilashvili has a two-year option to buy the shares at NIS 12.50 per share.

A year ago, Mirilashvili sold his 40% stake in Russia's largest social network VKontakte for $1.12 billion, making him, at 28, one of the country's youngest billionaires.

Rothstein builds residential projects throughout Israel. In 2013, it posted a net profit NIS 10.5 million (24% more than in 2012) on NIS 227 million revenue (up 3%), after recognizing the sale of apartments in several projects.

Published by Globes [online], Israel business news - www.globes-online.com - on May 28, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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