Competition Authority Changes Course: Nears Approval of Cal Sale to Horesh and Harel

The Competition Authority is expected to soon approve the sale of credit card company Cal to the union of George Horesh and Harel, retreating from its original position. The approval will be granted under lenient conditions, without requiring a split from the Shufersal club, but with restrictions on the use of information.

The Competition Authority is expected to soon approve the sale of credit card company Cal to the union of George Horesh and Harel, retreating from its original position that opposed the deal. The approval will be granted under lenient conditions, without requiring a split from the Shufersal club, but with restrictions on access to strategic information of the club. The authority's main concern was the leakage of information about Shufersal's BE customers to Super-Pharm, in which the union holds a third of the shares. After a dramatic meeting in early July, the parties presented solutions that satisfied the authority. The deal, signed in September 2025, was delayed for nearly a year. Cal is held by Discount (72%) and Leumi (28%). The sale of Leumi's shares will allow Cal to obtain a small bank license, a move supported by the authority and the Bank of Israel. The agreement with Shufersal to operate club cards expires in 2030, and the buyers will need to reach new agreements. Shufersal expressed opposition to transferring control to a competitor.