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Delek is seeking to sell control of Republic Companies Group Inc.
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Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, today notified the Tel Aviv Stock Exchange (TASE) that it is in advanced talks to sell control of US insurer Republic Companies Group Inc.
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Delek acquired Republic in 2006 for $290 million, which is still the largest acquisition of a foreign insurance company by an Israeli company. The acquisition made through Delek’s financial arm, Delek Capital Ltd. The company has been trying to sell Republic without success for some time.
Delek also controls Israeli insurance company The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5).
Published by Globes [online], Israel business news – www.globes-online.com
