Israel Post Company Sold to Milgam-Led Investor Group in Privatization Deal

The Israel Post Company has transitioned into private ownership following the selection of a 'preferred bidder' by the Companies Authority. The winning bid, led by the Milgam companies in partnership with Phoenix Insurance, Phoenix Gemel, and Layman Schlissel, acquired the Israel Post Company for NIS 461 million, pending regulatory approvals. The privatization marks a significant milestone in the country's economic history and was facilitated by the Privatization Unit at the Government Companies Authority, with support from investment bank Rothschild & Co.

Investor Group's Commitment: The Milgam Phoenix Group and Liman Schlissel expressed confidence in Israel's economic future and pledged to uphold the company's legacy while driving innovation and competition in key sectors such as banking, finance, shipping, and logistics. They emphasized their commitment to delivering quality service and enhancing consumer experiences for all Israeli residents.

Government Officials' Responses: Minister for Regional Cooperation, MK Dodi Amsalem, welcomed the privatization as a step toward improving public service and advancing the company. Minister of Communications, Dr. Shlomo Karai, congratulated the winning bidder and emphasized the ministry's commitment to ensuring compliance with postal service obligations, particularly for underserved populations.

Acknowledgments and Appreciation: Yankee Quint, Director of the Companies Authority, expressed satisfaction with the completion of the privatization process, highlighting its positive impact on the economy and service quality. Israel Post CEO David Laron commended the collaborative efforts of all stakeholders involved in the successful privatization, emphasizing the company's dedication to providing advanced postal services to the people of Israel.

Next Steps: The preferred bidder will proceed to obtain necessary approvals from state authorities, after which ownership of the Israel Post Company will be transferred, completing the privatization process. The move is expected to usher in a new era for the postal service, marked by enhanced efficiency, innovation, and customer satisfaction.