Bank Leumi (LUMI.TA) has agreed to sell a 15 percent stake in its subsidiary Bank Leumi USA for $141 million to two strategic investors, who will bring the bank expertise in U.S. financial services, Israel’s second-largest lender said on Monday.
The investors are Endicott Capital Management, a U.S. investment firm co-founded by Wayne Goldstein in 1996 to invest in financial institutions, and MSD Capital LP, the private investment arm of Dell Technologies founder Michael Dell.
Leumi said the deal reflects a value of nearly $1 billion for Bank Leumi USA (BLUSA).
“After examining several options, we decided to partner with Endicott and MSD Capital, which can bring significant advantages to BLUSA, including expansion of its customer base, greater access to the U.S. capital markets, and the ability to leverage Endicott’s significant experience in the U.S. financial markets,” Leumi CEO Rakefet Russak-Aminoach said.
If the shares are not listed 4-5 years after completion of the deal, the partners will have an option to sell the shares back to Leumi.
Source: https://www.pehub.com/2018/01/israels-leumi-sell-stake-u-s-unit-strategic-investors-reuters/
Powered by WPeMatico
Comments are closed.