Big has completed the acquisition of control of Effie Properties – the capital market

Company

Big
+ 2.59%

Base:34,000

opening:34,550

Tall:35,240

low:34,500

change:3,180,013

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Reports the completion of the acquisition of control in

Epic Properties
+ 2.63%

Base:12,160

opening:12,200

Tall:12,570

low:12,200

change:642,231

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. The company rose to a 60% holding in the company after acquiring 37.5% of its shares. The transaction was carried out as part of an exchange purchase offer, when the buyer Big allotted Lafi its shares worth about NIS 1.65 billion.

The offer was made according to two tracks, in one the exchange ratio was 0.35 Big shares against each share of Efi, and the other was 0.34 Big shares plus 0.1 options for two years and eight months to exercise for 0.1 Big shares at a price of NIS 410. This is an improved offer released by Big earlier this month, while the original offer included an exchange ratio of 0.32 Big shares for each share of Epic or alternatively 0.31 in the option options track.

Out of 47% of Maffi that Big offered to purchase, 37.52% received receipts from the company. The move is expected to strengthen Big’s capital structure, with shareholders’ equity increasing by NIS 1.65 billion as a result of the share issue. The merged company’s revenues will come from a number of areas in addition to the area of ​​shopping centers. The IPO was led by Leader IPOs and Yaakov Akilov, who serves as Big’s financing and capital market adviser.

Big has promoted the merger, claiming that it has several benefits for Epic, including reducing exposure to Romania, branching management by branches in the merged company, decentralizing areas of activity and increasing operating cash flow by improving, initiating and acquiring income-producing assets. Big also estimated that the merger would most likely lead to the merged company entering the Tel Aviv index and hence to increasing the stock’s marketability and stabilizing the credit rating of the two companies.

Chai Gallis, CEO of Big “Becoming the controlling owner of Effie Properties will allow us, in cooperation with Effie’s management, to continue to focus the company’s real estate activities in the five main areas of activity in which Effie currently operates and create, over time, synergy between the two companies.”