Jared Kushner firm sells 25% of Phoenix Financial stake

Jared Kushner's Affinity Partners sold 2.5% of its stake in Phoenix Financial for NIS 1.05 billion, reducing its holding to 7.4%. The firm remains the largest shareholder and reaffirmed its long-term commitment to the insurance company, which has seen its share price surge 420% since Affinity's initial investment.

Jared Kushner's Affinity Partners has sold 2.5% of its shares in Phoenix Financial for NIS 1.05 billion, reducing its stake from 9.9% to 7.4%. The sale was led by US investment bank Jefferies and executed at a 4% discount to the morning stock price. Affinity remains the largest single shareholder in the insurance company, with its remaining stake valued at approximately NIS 3.3 billion. The firm originally invested NIS 470 million for a 5% stake two years ago, and later exercised options for an additional 5% at NIS 470 million, totaling NIS 940 million. Since Affinity became a shareholder, Phoenix's share price has surged about 420%, pushing its market cap to NIS 44 billion. Affinity stated it remains committed as a long-term shareholder and looks forward to continued partnership with management and new partners, exploring opportunities in regional growth, reinsurance, asset management, and other initiatives.