Regulator approves Phoenix takeover of Halman Aldubi
The Phoenix Holdings is buying investment house Halman Aldubi for NIS 275 million, almost double its valuation when it went public in 2017.
Commissioner of Capital Markets, Insurance and Savings Moshe Bareket has given the green light for the acquisition of investment house Halman Adubi by The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5), which already holds Excellence investment House. The deal whereby the firm founded in 1995 will become part of the largest insurance group in Israel in terms of market cap will be completed this Sunday. This brings to an end a story that began in 2019, when The Phoenix Holdings sought to acquire Halman-Aldubi Provident and Pension Funds, and continued with Altshuler Shaham Provident Funds and Pension vying with The Phoenix in 2020, and later signing an agreement to buy investment house Psagot from private equity firm Apax Partners.