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Sale of Israel’s Phoenix Insurance to Abu Dhabi state fund Falls Through

President Isaac Herzog meets the Crown Prince of Abu Dhabi (GPO)

The move by Abu Dhabi Development Holding Co. (ADQ) to buy a controlling interest in Israel’s largest insurance concern, Israel Phoenix Holdings, has failed. In December 2022, ADQ revealed plans to acquire a 25% stake in Phoenix for roughly $680 million.

In a notification made to the Tel Aviv Stock Exchange, Phoenix Insurance said, “The parties have come to a mutual understanding regarding termination of the Term Sheet inter alia in light of the potential regulatory limitations that would have arisen from the acquisition of the controlling stake by the Consortium resulting in potential restrictions for several members of the Consortium to undertake additional material investments in Israel.”

Founded by David Hachmy in 1949 as a private company, which became public in 1978, The Phoenix has been operating in the Insurance and Finance field for the past 71 years, and as of today, is considered to be the leading insurance company in Israel. The Company’s main focus is in the insurance, health, pension and provident fields. As of today, the company’s stock is a constituent of a few main indices, among them is the prestigious Tel Aviv 35 index.

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Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others.

Abu Dhabi ADQ is one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.

Israel has come a long way since the 2020 Abraham Accords brought peace with two Arab Gulf States, The United Arab Emirates (UAE) and Bahrain. Later on two African Arab nations, Morocco and Sudan, also joined the Accords. Abu Dhabi is one of the emirates that comprise the UAE.

Just a few years ago, the idea that a national investment fund from an Arab nation like the UAE would acquire a major Israeli corporation would have been laughed at. No Arab nation would make such an investment in Israel and the Israeli government would never allow such a transfer of ownership in such a valuable concern to one. What a difference a few years can make!

And even thought the ADQ is not going through with the deal for Phoenix Holdings, there are sure to be more deals coming in the future.



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