Israeli Phoenix finds new buyer - FREE

Israeli Phoenix finds new buyer - FREE

M&A who's nextIsraeli group Delek has announced it has found a new buyer for insurer Phoenix Holdings, the day after Chinese conglomerate Fosun International  announced it was pulling out of buying a controlling stake in the company.

Fosun had previously agreed to pay 1.8bn shekels ($462m) to buy a 52.31 per cent share in Phoenix from Delek Group in June last year.

The Chinese investment group said in a statement that it had been unable to "consummate" its deal to the satisfaction or waiver of the closing conditions of the agreement.

In the latest announcement, Delek said it has signed a non-binding letter of intent (LOI) with a US foreign traded company “with activities in the insurance sector abroad”.

In accordance with the LOI, the full consideration for the sold shares will be an amount equal to the multiplying 87.5% of the book value of the Phoenix, calculated as of December 31, 2015, Delek said.

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