Abu Dhabi state fund to buy control of Phoenix for NIS 2.3 billion
Abu Dhabi funds led by Abu Dhabi Development Holding Co. (“ADQ”) are in talks to buy a stake worth about USD 855 million in Israeli financial services firm and Israel’s largest insurance company, Phoenix Group, as the United Arab Emirates expands into the country after normalizing ties two years ago.
ADQ is set to acquire control of Phoenix after signing a MoU with two U.S. funds, Centerbridge and Gallatin Point Capital. The planned acquisition of between 25%-30% of Phoenix values the company at NIS 9.2 billion, just below its current market cap of NIS 9.5 billion.
Centerbridge and Gallatin bought control of Phoenix in 2019 from Delek Group, controlled by Yitzhak Tshuva. The two funds bought a 32.5% stake in Phoenix for NIS 1.6 billion. Phoenix also includes a range of companies such as the Excellence Investment House and Gama Management & Clearing.
Read more here in Globes.
