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Announced

Gallatin Point and Centerbridge Partners to acquire a 30% stake in Phoenix Holdings from Delek Group for $476m.

Financials

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Transaction Value£375m
Consideration TypeCash
Capital Owned-
Capital Bid For30%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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insurance products

Minority

Acquisition

Israel

Private

Full Line Insurance

Private Equity

Friendly

Single Bidder

Pending

Synopsis

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Private equity firms Gallatin Point Capital and Centerbridge Partners to acquire a 30% stake in Phoenix Holdings, a provider of various insurance products in Israel from Delek Group, an Israeli conglomerate for $476m. Delek, which holds significant stakes in Israel’s largest natural gas fields, is required to sell Phoenix under Israeli regulation that prohibits conglomerates from holding stakes in both financial and non-financial businesses.

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