An application has been filed recently to the Competition Authority for approval of the deal, and a request for Capital Market Authority approval will be filed soon.
According the deal terms, Wesure needs to obtain Insurance Commissioner approval by May 2022
The Family Affairs Court has sanctioned the deal for the sale of Ayalon by the Rachmani family to Wesure. This is one of the pre-conditions for the deal. An application has been filed recently to the Competition Authority for approval of the deal, and a request for Capital Market Authority approval will be filed soon. According to the terms of the deal, Wesure needs to obtain Insurance Commissioner approval by May 2022.
In the first stage, the sale of 50.2% of Ayalon for 355 million shekels was agreed on. Later, Noga Rachmani, the son of Ayalon’s founder, the late Levy Yitzhak Rachmani, agreed to sell to Wesure the share of the shares designated to be received by him, with Wesure’s stake in Ayalon approaching 70%. Wesure paid an advance a month ago of 16 million shekels, which also form the cancellation fee for the deal.
The article was Published in Policy – The Israeli insurance newspaper
