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

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.