FBC advised Fujian Yango Group. Co., Ltd., a People’s Republic of China company involved, inter alia, in real estate development (“Yango”), with respect to the execution of a share purchase agreement for Yango’s NIS 1.948B acquisition through a wholly owned subsidiary of the controlling stake in The Phoenix Holdings Ltd. (“Phoenix Holdings”) from Delek Group Ltd.
The consummation of the transaction is subject to the satisfaction of closing conditions, among which are the receipt of various regulatory approvals, including approvals from the Insurance Commissioner, ISA, and TASE, on which FBC continues to advise Yango.
Phoenix Holdings is publicly traded on the TASE and is a member of the TASE 100.
Phoenix Holdings is the 100% parent company of The Phoenix Insurance Company Ltd., the 5th largest insurance company in Israel, and of the Excellence group of companies (which includes one of the largest pension asset managers in Israel), and also indirectly holds a 41.42% interest in Mehadrin Ltd., one of the largest holders of agricultural land in Israel.
If consummated, the transaction would be among the most significant acquisitions by a Chinese company in Israel to date.