Published On: Sun, Sep 24th, 2017

Shari Arison Selling 49% of Israel’s Largest Bank Hapoalim for $930 Million

The sale would leave Shari Arison with majority ownership of the company

Shari Arison

 

Shari Arison is selling 49% of her stake in Arison Holdings, which holds 20%, the controlling stake, in Bank Hapoalim (in fact 10% of the bank). A non-binding memorandum of understanding was signed with American investors for the price of for 3.2 billion shekels ($930 million).

The sale would leave Shari Arison with majority ownership of the company.

Israel’s largest bank valued at 3.2 billion shekels, represents a 2.5% premium over the pre-opening bell share price of Hapoalim.

Arison Holdings announcement said that the investment will bring international partners into Bank Hapoalim’s controlling group.

“Upon completion of the deal,” the statement said, “we will work with the new partners, the managers and employees of the bank toward long-term development and growth for the benefit of shareholders, the Israeli customer, and the economy.”

The company underlined that the deal is not final, and is subject to a due diligence check.

 

 

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