Electra Consumer Products signs Yeinot Bitan acquisition deal
Electra Consumer Products and The Phoenix will together own 50.05% of supermarket chain Yeinot Bitan.
Electra Consumer Products (TASE: ECP), of the Elco Holdings Ltd. (TASE: ELCO) group, reported this morning that it had signed an agreement for the purchase of the controlling interest in family-owned supermarket chain Yeinot Bitan. Electra Consumer Products will buy 35.05% of the shares in Yeinot Bitan for NIS 194 million, of which NIS 143 million will be against an allocation of shares and NIS 50 million will be through the purchase of shares from Nahum and Nurit Bitan.
At the same time, The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) will buy 15% of the shares in Yeinot Bitan, bringing The Phoenix and Electra Consumer Products total stake in Yeinot Bitan to 50.05%. The Bitan family will continue to own the rest of the sharers. The deal is subject to several conditions, among them approval by the Competition Commissione