The Meir Group ceases to have an interest in Phoenix: it sold shares for about NIS 60 million

For the first time in about 20 years, the Meir Group, an importer of Volvo and Honda cars controlled by the Shahar and Kaz families, has ceased to have an interest (holding of less than 5%) in the Phoenix Insurance and Finance Group, managed by Eyal Ben Simon and controlled by the Centerbridge Funds. And Glattin Point, which hold about 33% of it. Meir sold about 0.6% of the Phoenix to the Phoenix itself and to several other private and institutional entities. In total, the Meir Group sold shares for NIS 60 million, when the sale was made at the price embodied in Phoenix, which is traded at a market value of NIS 10.04 billion, the highest capital multiplier in the insurance industry – of 1.1. In the insurance industry, it has soared in the last three years …

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