TEL AVIV, April 3 British private equity fund
Apax Partners will seek to take Israel's largest
investment house Psagot public in 2018 at a company valuation of
3.7 billion shekels ($1 billion), a financial source familiar
with the matter said on Monday.
"The amount to be floated has not been decided yet. A
prospectus has not yet been prepared," the source, who asked not
to be identified, told Reuters. The source said the listing
would likely take place on the Tel Aviv Stock Exchange.
The value is about 1 billion shekels more than what Apax
paid when it acquired Psagot in 2010.
Psagot manages 186 billion shekels on behalf of nearly 1
A spokesman for Apax declined to comment. A spokesman for
Psagot said it was an issue for the owners.
Two years ago Apax sold control of Tnuva, Israel's largest
food company, to China's Bright Food.
On Sunday, Israeli media reported that Apax is close to
finalising a deal to buy Israel-based Syneron Medical,
an aesthetic device company, for about $500 million.
($1 = 3.6312 shekels)
(Reporting by Tova Cohen; editing by Luke Baker and Jason