Advertise with Reinsurance News


Reinsurance News

Delek Group completes divestment in The Phoenix Holdings

5th November 2019 - Author: Luke Gallin

Delek Group has successfully completed the sale of its 32.5% stake in The Phoenix Holdings Ltd to the Centerbridge and Gallatin Point Capital investment funds, for a total consideration of NIS 1.57 billion (approximately USD 450 million).

handshakeOf the total consideration, NIS 1.335 billion (approximately USD 380 million) was received in cash on November 3rd, 2019 and as part of the agreement, the total consideration may increase by up to a further NIS 866 million (approximately USD 247 million) or decline by as much as NIS 196 (approximately USD 56 million), based on the future returns of the purchasing funds.

The deal sees Delek Group divest completely from its ownership of The Phoenix, in accordance with the provisions of Israel’s Market Concentration Law.

Centerbridge Partners is a venture capital fund based in the UK that manages $27 billion of investments in the insurance, financial services, and real estate sectors.

Gallant Point is a US based investor with a focus on areas undergoing regulatory and technological change, with a specialist focus on financial services and assets across the globe.

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Ensurance adds Brad Green & Courtney Varney to underwriting team

Ensurance, the construction and engineering MGA and Lloyd’s Coverholder, has expanded its underwriting team with the addition of Brad Green...