Reuters: Israel’s Harel to buy Eliahu’s life insurance business
Published on Aug 26 2012 // Business and Financial News, Market
Aug 26 (Reuters) – Israel’s Harel Insurance Investments and Financial Services has agreed to buy the life and health insurance activities of Eliahu Insurance for 210 million shekels ($52 million).
The deal will help pave the way for businessman Shlomo Eliahu, owner of Eliahu Insurance, to acquire control of Israel’s largest insurer, Migdal Insurance. In March Generali agreed to sell a 69.1 percent stake in Migdal to Eliahu for $1.1 billion.
Harel, one of Israel’s largest insurers, said in a statement on Sunday the Eliahu deal is due to close on Jan. 1, 2013, when it will pay 100 million shekels in cash and 110 million in an issue of deferred notes…Read More>>
