April 3, 2017 / 7:40 AM / 5 months ago

Apax eyes IPO for investment house Psagot in Tel Aviv -source

TEL AVIV, April 3 (Reuters) - 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 million clients.

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 Neely

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