Deal signed: Zappa clubs change ownership
The deal between Delek Israel and Events for the transfer of ownership of the Zappa club chain has been signed and submitted for approval by the Competition Commissioner. Delek will pay 20 million shekels for 40.5% of Zappa, raising its stake to 81% control, and an additional 9 million shekels for Events' share in Newco. The background: a prolonged legal dispute between the partners.
The deal between Delek Israel and Events for the transfer of ownership of the Zappa club chain has been signed and submitted this morning (Thursday) for approval by the Competition Commissioner. The deal will be executed in two stages: in the first stage, Delek will pay Events 20 million shekels for its share (40.5%) in Zappa clubs, thereby raising Delek's control to 81% of Zappa (an additional 19% is held by Golan Einat). In the second stage, Delek will pay an additional approximately 9 million shekels for Events' share in Newco (61%), which is responsible for selling concert tickets at Zappa and holds the data and website. Upon completion of the deal, the credit card processing activity will transfer to Delek Israel's responsibility. The background to the deal is a prolonged legal dispute between the partners. At the beginning of 2025, Delek sued Events, alleging problematic conduct by a director appointed by Events that led to artists leaving, lack of transparency, and irregularities. Delek claimed that the former CEO appointed by Events, Ami Feinstein, had conflicts with artists. Events denied the allegations. The crises and strained relations damaged Zappa, which was a pioneer in the concept of performance venues with food sales, highly profitable until the coronavirus. The damage to relationships with artists allowed competitors like Tomix, Ticketmaster, and Kuppat Tel Aviv to grow.