July 5, 2012 / 5:22 PM / 7 years ago

Access Ind buys 49.9 pct of Israel's Clal Industries

TEL AVIV, July 5 (Reuters) - Israel’s IDB Development Corp sold 49.9 percent out of its 60.5 percent stake in Clal Industries and Investments (CII) to U.S.-based Access Industries for 1.27 billion shekels ($325 million).

Under terms of the agreement, originally announced in May, IDB will initially receive a payment of 761 million shekels, with the remaining 509 million to be paid by the end of 2012, IDB said on Thursday.

Avi Fischer, CII’s co-chief executive, will serve as CII’s executive chairman.

CII is one of Israel’s leading investment companies with holdings ranging from manufacturing-oriented activities to technology companies. It also operates units to manage its investments in biotechnology and other venture capital investments.

IDB is a holding company and subsidiary of IDB Holding .

Access, a privately held industrial group, focuses on three sectors: natural resources and chemicals; telecommunications and media; and real estate. Its holdings include Warner Music Group.

“The transaction is an important boost of encouragement to Israel’s economy, and I am convinced that CII ... will continue to grow and create economic value through entrepreneurship and innovation,” IDB Chairman Nochi Dankner said in a statement.

Len Blavatnik is chairman and founder of Access Industries.

$1 = 3.91 shekels Reporting by Tova Cohen

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below