Altshuler Shaham sale: Local investor to acquire control together with CEO Yair Levinstein

The sale of control in Altshuler Shaham Finance is progressing: controlling shareholders Gilad Altshuler and Kalman Shaham are in talks with a local investor who will acquire control together with CEO Yair Levinstein as a minority partner. The shares (55.1%) will be sold at a company valuation of 1.8 billion shekels, for 1 billion shekels. The deal is expected this week, before Yom Kippur.

The sale of control in the public company Altshuler Shaham Finance is progressing rapidly following a Calcalist exposé. The controlling shareholders, Gilad Altshuler and Kalman Shaham, are in talks with a local investor who will acquire control, with the company's CEO Yair Levinstein joining as a minority partner in the acquisition. The shares (55.1%) held through Altshuler House of Investments will be sold at a company valuation of 1.8 billion shekels, for 1 billion shekels. The deal is expected to be completed this week, before Yom Kippur. Levinstein, who currently holds 14.8% of the company, will increase his stake. Following the exposé, the company's stock surged 15% and then fell 8%. The company manages 112 billion shekels and is traded at a valuation of 1.4 billion shekels. Ran Shaham serves as the company's chairman. The buyer will be able to introduce additional activities that the company is currently barred from due to conflicts of interest with Altshuler Ltd., such as hedge funds, a stock exchange member, and mutual funds.