After triple-digit stock surge since start of year: Mor Investment House acquires Gaon Holdings shares for approximately NIS 100 million

Mor Investment House is purchasing about 12% of Gaon Group shares for approximately NIS 100 million, at a price of NIS 18.7 per share. The deal comes after a 165% surge in the group's stock since the beginning of the year.

Mor Investment House is acquiring approximately 12% of Gaon Group shares for around NIS 100 million. The transaction is carried out at a price of NIS 18.7 per share, a discount of about 7.6% on the pre-report closing price. Mor is purchasing the shares from Gaon Holdings and its controlling shareholders, including Challenge Holdings of Ofer Gelbua and CEO Guy Regev. The acquisition follows a surge of about 165% in Gaon Group's stock since the start of the year. The proceeds from the deal will be used for full early redemption of Series E bonds, which have an outstanding principal of NIS 52 million. Gaon Group CEO Guy Regev stated that Mor's joining as a significant shareholder is an important milestone in the company's value enhancement processes.