While Altshuler Shaham Ltd. investment house is in exclusive talks with Apax Partners to buy the core activities of Psagot Investment House Ltd., sources close to the matter have told “Globes” that separate talks are being conducted for Psagot’s insurance holdings.
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Altshuler Shaham in talks to buy Psagot
These holdings include Davidoff, Haiman and Profit with Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) and The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) both reportedly interested in the agencies. Apax, managed in Israel by Zehavit Cohen, declined to comment on the matter.
Altshuler Shaham is believed to be prepared to pay about NIS 1 billion for Psagot and to take on its debt of several hundred thousand shekels.
Psagot employees have been sending letters to the various regulators trying to scupper the deal, fearing that acquisition by a rival would lead to streamlining and layoffs.
Published by Globes, Israel business news – en.globes.co.il – on January 20, 2021
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