Elco joins Mega Or in acquiring control of DSK – the capital market

Elco
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Of the Zalkind family, which controls the group

Electra
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Filed an application to purchase approximately 27-29% of the shares

Discount Investments
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, As part of a group of investors led by Mega Or of controlling shareholder Tzachi Nachmias, which will also purchase about 29.9% of the shares. Elco will purchase the shares at the same price paid by Nachmias, and for a total consideration of NIS 400 million. The company’s report states that “there are no voting agreements or collaborations between the bidders.”

Until recently the controlling owner of the group was Eduardo Elstein. Nachmias’ offer outperformed competing offers from Moti Ben Moshe and Yigal Damari. Recently, DSKS’s receivers approved the transfer of control to the group of investors in exchange for a total of NIS 1.1 billion. B and about NIS 160 million for an additional 12% that were pledged to IDB.

Among other things, DSK is the controlling shareholder in

Cellcom
+ 9.14%

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, In the income-producing real estate company

Properties and building
+ 3.47%

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(La Holdings b

Back sea
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As well as Mehadrin, Yishparo and Elron Investment Company. In the past it also held control of

Shufersal
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And last year it liquidated its holdings in the food retailer.

In September, IDB went into liquidation after controlling shareholder Elstein did not transfer NIS 70 million to the company as agreed in the outline with the bondholders. Following this, the holders demanded coverage of the debt through the realization of the DSK shares in which they held the lien. In the race to acquire control of the company, Elstein himself competed, submitting a higher bid than Nachmias, as well as Yigal Damari (YH Damari) and Moti Ben Moshe (Blue Square).

At a certain point, Rami Levy was also part of the group of investors led by Mega Or, but reportedly withdrew from the group due to the fear that the Ministry of Communications would not allow him to purchase the shares, since DSK holds Cellcom and Levy holdings in another communications company owned by the group. It was reported that the Competition Authority examined whether there is a ban on the purchase of the shares by Mega Or, which operates in the field of income-producing real estate, as this will result in the assets of Yishparo (which will be sold to Big and Tanofort) in some of Mega Or’s areas of activity. A holding of about 29.9% in DSK does not give them control over it.

The main asset to which investors were probably staring was back holdings through assets and building. Even before Nachmias’ bid won the lawsuit, billionaire Aharon Frenkel purchased 18% of Gev Yam shares in Migdal, Phoenix and Gazit Globe.