Financial

The American private equity fund Francisco Partners acquires MyHeritage. The companies did not publish the purchase value, but Calcalist has learned that it is about $ 600 million. The deal price may even go up. CEO Gilad Yefet: "It's hard to be a promising start-up after 17 years and among the options on the agenda, the Francisco option was the most suitable for me. They are the factor that most wants to bring the company to an exit and come without changing world orders. "Instead of being sold to a competitor, we have long contacts with the buyer and in the end we got married. I am...

Bank Leumi ended 2020 with a net profit of NIS 2.1 billion, compared with NIS 3.5 billion in the corresponding period in 2019 - a decrease of 40%. The decrease in profit is mainly due to the significant increase in expenses for credit losses, mainly in the group provision, and a decrease in non-interest financing income, which in 2019 also included income from the sale of Leumi Card, in the amount of NIS 314 million. The return on equity for 2020 amounted to 5.7%, compared with a return of 9.8% in 2019 (9.2% excluding the effect of the sale of Leumi Card in 2019), mainly due to the...

The government last night approved the change in the law in favor of the self-employed, which is intended to allow the calculation of grants during the eligibility period of this year through a comparison to two thousand and eighteen or two thousand and nineteen, according to the dealer's choice. Prior to the approval of the reservation, only two and nineteen reports were allowed to be compared. Our correspondent, Liel Kaiser, notes that the move was first approved yesterday by the Finance Committee in an exceptional procedure, at the request of Finance Minister Katz, as part of a...

Iron Source has announced a $ 2.3 billion fundraiser. The raising represents a value of $ 11.1 billion for the company. Of that amount, the company's shareholders will receive $ 1.5 billion. About 50% of the shares are with the company's founders, about 40% with the company's investors and about 10% with the employees. Iron Source merges with Thoma Bravo's Spock Company, a private equity fund that, among other things, acquired the Israeli-American Impreva. As part of the merger, $ 1.3 billion was raised in PIPE, a private investment in a public company, and the rest comes from the Spock...

The households of the Arabs in Israel are very vulnerable in relation to the households of the Jews, and accordingly suffered more severe damage during the Corona period, according to a report published by the Bank of Israel. The main reasons for this are low income and savings and lack of adequate infrastructure. The report noted that even before the corona, the Arab household was vulnerable: its average monthly income in 2018 was NIS 12,000 on average, compared with 18,000 in a Jewish household - a gap of 32%. 45% of Arab households are below the poverty level. Only in 29% of Arab...

Elbit Systems, managed by Bezalel Machlis, won a $ 1.65 billion contract to build and operate a Greek Air Force flight training center as part of an agreement signed between the Israeli Ministry of Defense and the Greek Ministry of Defense. As part of the contract, which will be executed in the next 20 years, the company will provide new M-346 (Lavi) training aircraft and will strengthen the entire training squadron array, consisting of dozens of M-346 and T-6 (Efroni) training aircraft. Elbit Systems will also provide an innovative layered training avionics to be installed on the...

The Israeli cyber solutions maker Check Point's revenue grew 4% in the first quarter of 2021, according to the company's reports published a short time ago. The forecasts, which expected its revenue to be $ 502 million. Its operating profit (GAAP) for the quarter was $ 215 million, an increase of 7% compared to its operating profit for the same quarter last year, which was $ 201 million. Its non-GAAP adjusted operating income was $ 246 million - a 6.4% increase over the previous quarter, when adjusted operating income was $ 231 million. The company's free cash flow was $ 375 million,...

Shikun VeBinui, controlled by Nati Saidoff, continues to expand its activities in the renewable energy market in the United States. Shikun VeBinui acquired 49% of a 400-megawatt energy storage facility under construction north of Los Angeles for NIS 190 million. By the Swiss investment fund Capital Dynamics, which specializes in investing in renewable energy assets. The project was purchased from Strata Solar and is located in the city of Oxnard, located 40 km north of Los Angeles. It was established at a total cost of NIS 750 million, financed in equal parts by equity and bank financing...

Doral shares rose 9.75% at the start of trading, after the company signed a huge deal to partner with the insurance company Migdal in renewable energy investments in the US. Migdal will invest $ 110 million in the purchase and allotment of 20% of the shares of Doral's American subsidiary Doral. Energy Generation (Doral Energy Generation) With the completion of the transaction, Doral's holding in the subsidiary will decrease from 50.1% to 41%, and the American partner Nicholas Cohen, who will sell shares in Migdal for $ 20 million, will hold 39% of the shares of The subsidiary. Migdal will...

The Minister of Finance, Israel Katz, announced that he had agreed with the Director of the Tax Authority on the outline of compensation for indirect damages due to Operation The Wall Guard. This means that gates in the south, such as Ashkelon, Sderot and Beer Sheva, will receive compensation, but the Gush Dan and Shefela areas will not receive any compensation, even though they have received rocket fire. The compensation will be given to businesses for a decrease in business turnover or for wages paid to employees who are absent due to the security situation. Businesses in the Gaza...