Israel’s Phoenix Group is in superior discussions to divest a 25% stake in its subsidiary, Phoenix Insurance coverage Businesses, Globes reported.
A possible transaction might worth the insurance coverage community at between $900m and $1bn.
The present negotiations are claimed to not contain Jared Kushner’s Affinity Fund, which had beforehand proven curiosity earlier than talks had been suspended final yr.
Saudi-backed Affinity Fund deliberate to buy a share in Phoenix Insurance coverage Businesses, however discussions had been halted when the Israeli-Palestinian battle broke out in October final yr.
The potential deal, now again on the group’s agenda, comes after earlier reviews in August instructed a better valuation of as much as $1.2bn.
Nevertheless, regardless of the slight lower in anticipated valuation, the sale is progressing, with two overseas buyers within the working.
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Certainly one of these buyers is at a really superior stage of negotiation, Globes reported, citing a supply near the matter.
Whereas the id of the overseas buyers has not been disclosed, it’s recognized that they aren’t from the beforehand events, which included US-based Blackstone and Reverence Capital Companions, and Searchlight, UK’s Pollen Road Capital and Europe’s Vitruvian Companions.
Phoenix Group has engaged Jefferies Group, an funding financial institution, to facilitate the seek for potential buyers.
Phoenix Insurance coverage Businesses is spearheaded by Itzik Oz, who owns a 17% share, whereas Oz’s associate at Agam Liderim, Moshe Sasson, holds a 3% stake.
The corporate has generated revenues of $165.86m within the first 9 months of 2023, a 9% enhance from the prior yr.
In July final yr, a consortium of funds led by Abu Dhabi Growth Holding Firm cancelled the deal to amass a controlling stake in Phoenix Holdings.
