Israel's Delek sells insurer Phoenix to private equity firms [Reuters]
DELEK GROUP ADR (DGRLY)
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Source: Reuters
Israel's Delek sells insurer Phoenix to private equity firms - Reuters 2 Min Read JERUSALEM, Nov 4 (Reuters) - Israel’s Delek Group said on Monday it completed the sale of 32.5% of insurer Phoenix Holdings for 1.57 billion shekels ($446 million) to private equity firms Centerbridge Partners and Gallatin Point Capital. Of the total, 1.335 billion shekels was paid in cash. A binding agreement for the sale was announced in May. The deal could include an increase of up to 866 million shekels or a decrease of up to 196 million depending on issues like profits prior to the closing and changes in Phoenix’s share price. Delek said it arranged a five-year 235 million shekel loan to help fund the acquisition. Delek, a partner in large offshore natural gas projects, is being forced to divest from Phoenix due to regulation that prohibits conglomerates from holding stakes in both financial and non-financial businesses. Several previous deals Delek reached with potential buyers for Phoenix fell thr
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