May 26, 2019 / 1:30 PM / 3 months ago

Israel's Leumi, Phoenix to buy 40% of road haulage company

JERUSALEM, May 26 (Reuters) -

* Israel’s Bank Leumi and insurer Phoenix Holdings have agreed to each buy a 20% stake in local road haulage and logistics company Taavura, Leumi said on Sunday.

* Leumi said they will each pay 250.5 million shekels ($70 million) for the 20% stakes, valuing Taavura at 1.255 billion shekels.

* Taavura, which deals in road haulage, earth moving and mining, is jointly owned by Avraham Livnat Ltd and Nesher Israel Cement Enterprises Ltd.

* Leumi said they have up to 120 days to gain the needed regulatory and other approvals to complete the deal.

* ($1 = 3.6005 shekels) (Reporting by Ari Rabinovitch; Editing by Tova Cohen)

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