Altshuler Shaham Provident Funds Pensions Ltd. (TASE: ASPF) has signed an agreement to buy Psagot Investment House Ltd. from Apax Partners for $910 million. With adjustments the deal, the likelihood of which was first revealed by “Globes” last month, could reach NIS 1 billion.
The deal, which must now be approved by a range of regulators including the Israel Competition Authority and the Israel Securities Authority, will make Althshuler Shaham, Israel’s biggest provident funds and study funds company.
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Altshuler Shaham in talks to buy Psagot
Apax is now in talks sell Psagot’s insurance agencies including the Davidov Agency to Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) for NIS 65-70 million.
Apax acquired 76% of Psagot in 2010 at a company valuation of NIS 2.7 billion and bought the remaining stake in 2015 at a company valuation of NIS 1.9 billion, paying a total of NIS 2.5 billion for full control of the investment house.
Published by Globes, Israel business news – en.globes.co.il – on February 14, 2021
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