"This is a company that we have been tracking for some time, and we are delighted to have the opportunity to support a very strong management team in its next phase of growth," Zehavit Cohen, head of Apax Israel, said in a statement.
It remains unclear whether Markstone Capital, which owns the remaining 24 percent, will choose to sell its stake. A spokesman for Markstone declined comment.
York bought 100 percent of Psagot, which manages assets of 122 billion shekels, three years ago from Bank Leumi (LUMI.TA) for nearly $300 million.
York now holds 57 percent of Psagot and is expected to post a capital gain of about 1 billion shekels from the sale, the source told Reuters on Thursday.
Apax's assets in Israel include a stake in Tnuva, Israel's largest foodmaker.
Apax and two other partners agreed in October to sell their 30.6 percent stake in Bezeq Israel Telecom (BEZQ.TA), Israel's largest telecom group, to 012 Smile Communications (SMLC.O) (SMLC.TA) for 6.5 billion shekels ($1.72 billion).
Markstone is a U.S.-Israeli investment fund whose former chairman Elliot Broidy pled guilty last week to a felony charge for bribing four senior officials who managed New York State's pension fund.
Source:reuters.com/
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