Approved: The Eged sale transaction to the Keystone Fund, which will acquire 60% of the company

wwwww

by Ifi Reporter Category:Communication Jun 1, 2022

The members of the general meeting of Egged shareholders this evening (Tuesday) approved by a 99% majority the sale transaction to the Keystone Fund, which will acquire 60% of the company.
1,315 members of the meeting were required to vote over the past weekend on two items: whether to accept Keystone's decision (a 51% majority was enough for approval), and what share of his shares each member is willing to sell as part of the deal - 0%, 50%, 75% or 100% . Egged members will receive an option from Keystone to sell the balance of their shares within two years, according to the value determined in the transaction: NIS 4.77 billion, ie to receive an amount of up to NIS 2.2 million.

Migdal-Carasso-Aluma Group was initially selected to buy Egged, after offering NIS 5.6 billion, but after the other offers were revealed and Egged tightened the terms of the deal, the group withdrew. Keystone has already made a down payment of NIS 350 million, and will transfer the rest of the amount against the completion of the transaction and the transfer of the shares to Lydia. The transaction was accompanied by HSBC Investment Bank, strategic consultants Deloitte, KPMG CPA, and attorneys Esther Koren, Yifat Sheftel and Moshe Ganot of Gross.
Egged, which previously operated 75% of the public transportation in the country, dropped to 32% last year, after a long process of putting its clusters out to tender among private public transportation companies.
In 2018, Egged members approved its transformation from a cooperative to a company, and now the Knesset is a partner in the company. Egged has 9,200 employees, of which 6,500 are drivers and 4,000 are buses. It also operates public transport lines in Poland and the Netherlands, and will operate the red line on the Gush Dan light rail. Bind real estate assets in Israel worth NIS 1.5 billion included in the transaction.
Egged Chairman and CEO Avi Friedman: "This is a historic day for Egged, which establishes its status as the largest public transportation operator in Israel. The deal approved today ensures the company's future and continued prosperity in Israel and abroad."

263 Views

Comments

No comments have been left here yet. Be the first who will do it.
Safety

captchaPlease input letters you see on the image.
Click on image to redraw.

ABOUT IFI TODAY

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum

Testimonials

No testimonials. Click here to add your testimonials.