White & Case LLP has advised Centerbridge Partners and Gallatin Point Capital on the deal
Delek Group (TASE: DLEKG) (US ADR: DGRLY) signed a binding agreement for the sale of its holdings in the Phoenix insurance company (Phoenix Holdings Ltd).
Under the Agreement, on the closing date, the Purchasers will acquire approximately 30% of the issued and paid up share capital of The Phoenix, which represents the control stake in The Phoenix (“the Shares to be Sold”) for an overall amount of NIS 1.6 billion calculated at NIS 20.6 per share multiplied by the number of shares that will be purchased, and subject to adjustments that will be stipulated in the agreement including, inter alia, taking interest and the dividend until the date of closing into account.
The Company has committed in the Agreement to arrange for the Purchasers to purchase additional shares equivalent to approximately 2.5% of the issued and paid up share capital of The Phoenix by the end of 2019.
The closing of the transaction is expected later this year and is subject to customary closing conditions and other regulatory approvals.
The White & Case team in London that advised on the transaction was led by Gavin Weir (Picture) and Daniel Turgel and included partners Ian Bagshaw, Martin Forbes and Laura Hoyland, and associates Nicole Vella and Chris Beardmore.
Involved fees earner: Ian Bagshaw – White & Case; Christopher Beardmore – White & Case; Martin Forbes – White & Case; Laura Hoyland – White & Case; Daniel Turgel – White & Case; Nicole Vella – White & Case; Gavin Weir – White & Case;
Law Firms: White & Case;