Menorah agrees to buy control of Isracard, at over NIS 3 billion valuation
Menora Mivtachim Holdings Ltd., an Israeli insurance and finance group, has finalized a deal to acquire a controlling stake in Isracard after a protracted battle for control of the Israeli credit card company.
Erdinast, Ben Nathan, Toledano & Co. advised Isracard, led by Doni Toledano and Dalia Tal, with additional partners and lawyers from the corporate and securities departments, including Shai Dayan, Moty Yamin and Chen Balaban.
Following intensive negotiations, the Isracard board approved the agreement, which will see Menora allocated 33% of Isracard’s shares, valuing the company at approximately NIS3.1 billion.
After El AL pulled out last week, Menorah Mivtachim remained the only bidder for acquisition of control.
The deal was widely covered in Ynet, The Marker and Globes.
