Cal credit card deal collapses: Competition Authority demanded Khoury sell his Super-Pharm holdings

The 4 billion shekel deal to acquire Cal credit card company is collapsing, after the Competition Authority demanded that the buyer, George Khoury, sell his holdings in Super-Pharm. Khoury refused the condition, and the selling bank, Discount, will now advance the IPO.

The deal to acquire Cal credit card company by George Khoury and Union, worth 4 billion shekels, is collapsing about a year after it was signed. The Competition Authority technically approved the deal but conditioned it on Khoury selling his holdings in Super-Pharm. Khoury refused to accept this condition. The authority presented additional demands, including appointing a supervisor and restricting directors to prevent information transfer to Super-Pharm. The partners Harel, Union, and Discount Bank (Cal's current owner) received the notice. Now Discount, under CEO Avi Levin, will advance Cal's IPO, aiming to complete it by May 2027.