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Israel's Delek to sell 4.9 pct of insurer Phoenix to Sirius
September 14, 2017 / 1:25 PM / 10 days ago

Israel's Delek to sell 4.9 pct of insurer Phoenix to Sirius

JERUSALEM, Sept 14 (Reuters) - Israeli conglomerate Delek Group said on Thursday it signed a deal to sell a 4.9 percent stake in insurance unit Phoenix Holdings to Sirius International Insurance for 208 million shekels ($59 million).

Bermuda-based Sirius has an option to buy Delek’s remaining 47.4 percent stake for an additional 2.3 billion shekels. It has a 60-day exclusivity period for due diligence.

As part of the agreement, Sirius will submit a request for a control permit with Israel’s capital markets and insurance commissioner within 45 days.

In June, Delek said its planned sale of a controlling stake in Phoenix to China’s Fujian Yango Group had been called off by both sides after it failed to secure regulatory approval.

Previously, deals to sell its Phoenix stake to AmTrust Financial Services and China’s Fosun International also fell through.

Israel’s government has expressed concerns over the purchase of key financial assets such as insurers by Chinese investors, fretting over pension cash.

$1 = 3.5350 shekels Reporting by Steven Scheer

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