FIMI sells 25% TAT Technologies stake for NIS 129m
Categories: Capital Markets
Israeli private equity firm FIMI Opportunity Funds has reduced its stake in TAT Technologies from 51.8% to 26.8% by selling a 25% share for NIS 129 million.
The sale comes amid a doubling of TAT’s share price over the past year.
Israeli institutional investors, including More, Meitav, and Yelin Lapidot, are believed to have purchased the shares.
TAT Technologies, listed on Nasdaq, specialises in environmental control products for aviation. FIMI first invested in TAT in 2004 and has since seen substantial returns on its initial investment.
TAT is also holding a private placement for institutional investors at a similar price of NIS 54.95 per share at which FIMI sold its shares, reflecting an 11% discount on the market price. TAT will raise NIS 37 million (USD10.1 million) in the private placement.
The Naschitz Brandes Amir team advising on the offering was led by Tuvia Geffen, Head of Capital Markets, partners Idan Lidor and Shachar Hananel, and associates Amit Itach and Elad Amir.
