The value of the deal amounts to regarding $855 million (AFP)
A statement, today, Wednesday, stated that a consortium led by holding (ADQ) in Abu Dhabi is in advanced negotiations to acquire a controlling stake in the “Phoenix Group” financial company Israeli.
The two American private investment companies, Centerbridge Partners and Gallatin Point Capital, which own 33.4 percent of the Israeli company, said in a statement that they were in talks to sell between 25 and 30 percent of their investment to Abu Dhabi funds.
“The transaction will first be subject to regulatory approval,” the companies added in the statement.
ADQ Holding is one of the sovereign wealth funds in the Emirate of Abu Dhabi in the United Arab Emirates.
Abu Dhabi funds led by ADQ are in talks to buy a stake worth regarding $855 million in Israeli financial services firm Phoenix Group https://t.co/MQiEg28MLk
— Bloomberg (@business) December 14, 2022
Bloomberg said in a report today that the value of the deal amounts to regarding $855 million from the company, which has a market value of regarding $2.85 billion and is listed on the Tel Aviv Stock Exchange.
Last Sunday, the UAE Minister of State for Foreign Trade, Thani Al-Zeyoudi, said that the governments of the UAE and Israel had ratified the comprehensive economic partnership agreement between the two countries.
He pointed out that non-oil trade between the UAE and Israel increased by 114 percent in the first nine months of 2022, recording $2 billion.
The United Arab Emirates and Israel officially announced the normalization of relations in 2020 as part of the so-called “Abraham Accords” brokered by the United States, which also included Bahrain and Morocco.
(Archyde.com, The New Arab)
