Altshuler Shaham acquires Psagot from Apax for NIS 910 million

Categories: Corporate and M&A

Altshuler Shaham has acquired Psagot from Apax for NIS 910 million, with any potential merger between Psagot and Altshuler Shaham would require approval from the regulatory authorities including the Israel Competition Authority, the Israel Securities Authority and the Ministry of Finance Supervisor of the Capital Market, Insurance and Savings.

Altshuler Shaham Investment House is expected to stay with Psagot’s provident and pension activities and sell the rest of the activities to other entities in the capital market.

After the merger, Altshuler Shaham will manage NIS 240 billion in the provident and pension sector, and total assets will reach NIS 270 billion. There are a number of entities interested in acquiring the other activities of Psagot, including Clal Insurance, Excellence and the IBI Investment House.

Herzog Fox & Neeman advised Altshuler, with partners Ilanit Landesman Yogev, Niv Sivan  and associate Ohad Graub involved. Erdinast, Ben Nathan, Toledano & Co. acts for Apax, with partners Doni Toledano and Nitzan Aberbach and associate Peter Teishev at the heart of the matter.