Isrcard acquisition drama: Delek Group signs agreement; Bank of Jerusalem renews bid
The Delek Group, a leading Israeli energy conglomerate controlled by Yitzhak Tshuva, has acquired a controlling interest in Isracard, one of Israel’s largest credit card companies, for approximately USD 520 million (NIS 2 billion).
This agreement supersedes an earlier deal Isracard signed with Menora Mivtachim, an Israeli insurance and finance firm, two months ago.
The decision follows competing bids from the Delek Group and the Bank of Jerusalem, which had also sought to purchase the credit card company, with the Bank of Jerusalem apparently not yet giving up, with a renewed offer.
Erdinast, Ben Nathan, Toledano advised Isracard in navigating this significant transaction, with a team led by Doni Toledano with Dalia Tal and Shay Dayan from the corporate department and with Moty Yamin, Yonatan Haimi and associate Chen Balaban from the the capital markets department.
