Warburg Pincus to acquire Leumi Card from Bank Leumi and Azrieli Group for $683m.

Warburg Pincus, a global private equity fund focused on growth investing, agreed to acquire Leumi Card from Bank Leumi and Azrieli Group for $683m. The consideration to be paid to the sellers (Bank Leumi, which owns 80% stake, and Azrieli, which owns 20% stake) for Leumi Card is NIS2.5bn ($683m), which shall be adjusted for a possible dividend distribution, and shall be paid in three installments: The first one - on the transaction’s completion date, the second - one year after the completion date, and the third - two years after the completion date. “Warburg Pincus’s experience will assist Leumi Card in realizing its business strategy and ensure innovative, high-quality and professional service to its customers. This is a great vote of confidence in the Israeli economy by one of the world’s largest private equity funds, and is a source of great pride to us all,” Rakefet Russak-Aminoach, Leumi President & CEO.