China-based Fujian Yango Group has entered into a binding agreement to acquire Delek Group's stake in Israel-based Phoenix Holdings for around NIS1.80bn ($480m).
Under the deal, Fujian Yango will purchase Phoenix’s 52.3% stake from Delek.
The transaction is subject to due diligence and execution of a binding agreement during the agreed and defined exclusivity period.
The deal is also subject to receipt of all of the regulatory approvals required by law.
Phoenix Holdings incorporates the operations of Phoenix Insurance, one of the leading insurance firms in Israel.
Phoenix Insurance offers non-life, health insurance and long-term savings products to its customers.
The company provides general insurance products , including property, liabilities, and others.
It also offers accident insurance, critical illness insurance products, as well as life, health and general reinsurance services.
Phoenix Holdings also includes Phoenix Investments and Finance, which manages its members’ funds, Phoenix Insurance’s nostro portfolio. It has 90% in Excellence Nessuah Investment House.
With around NIS50bn worth assets, Phoenix Holdings provides financial services in Israel.
Delek is an integrated energy company, which has assets in downstream energy, water desalination, and in the finance sector.
Image: Fujian Yango to acquire Delek Group’s interest in Phoenix Holdings. Photo: courtesy of adamr. / FreeDigitalPhotos.net.