Altshuler Shaham has signed the acquisition of Psagot for NIS 910 million

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A purchase transaction was signed Investment House Peaks by Altshuler Shaham Provident and Pension – Completion of the transaction is subject to regulatory approvals
The consideration for the transaction is NIS 910 million and certain adjustments stipulated in the agreement – Altshuler Shaham Provident and Pension will operate for the sale of securities companies and mutual funds

Yair Levinstein, CEO of Altshuler Shaham Provident and Pension and Ran Shaham, Chairman of the company, said: “We are excited to be the first investment house to generate significant competition in the world of long-term savings and stand in line with major insurance companies. We believe our long-term results, service quality and operation together As organic growth continues, we are becoming a good and stable home for Psagot colleagues. “

Today (Friday) the agreement for the purchase of the Psagot investment house was signed by Altshuler Shaham Provident and Pension. The agreement between the parties is conditional on the receipt of approvals from the regulators.

Under the terms of the agreement, Altshuler Shaham Provident and Pension will purchase the full share capital of Psagot Investment House for a total of NIS 910 million and certain adjustments set forth in the agreement. The transaction will not include the activities of Psagot’s insurance agencies.

Altshuler Shaham Provident and Pension will operate for the sale of the securities company and the mutual fund company. In addition, Altshuler Shaham Provident and Pension intends to operate for the sale of other Psagot Group activities that are not part of the field of study funds and long-term savings.

In the interim period until all the required approvals are received, Psagot will conduct its business during the normal course of business, as conducted prior to the date of signing the agreement.

Altshuler Shaham Gamel and Pensions were represented by attorneys Ilanit Landsman Yogev, Niv Sivan and Ohad Grob of Herzog Fox Ne’eman and accountants Shai Bezeq and Nram Abu Hit of Kost Forer Gabay and Kassirer. Apax was represented by attorneys Donny Toledano, Nitzan Averbuch and Peter Teishev of Ardinst Ben Natan Toledano.

According to Pander economists, the transaction will be approved by the regulators and the fund company will be preferred to one of the large financial companies that do not own a fund company such as Menora Mivtachim or Clal Insurance.

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