KKR (KKR) Said to Be in Talks with Delek Group for Phoenix Holdings Stake
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Israeli conglomerate Delek Group is said to be in talks to sell its stake in The Phoenix Holdings. Private-equity firm KKR (NYSE: KKR) is said to be in talks to acquire the stake.
On Thursday Reuters said, citing Israel's Calcalist, the unit might fetch as much as NIS 1.5 billion to 1.8 billion (about $390 million to $467 million) for a 54.8 percent stake in Phoenix. The current market value on Phoenix is said to be about NIS 1.9 billion (about $494 million).
The Phoenix Holdings "integrates the operations of Phoenix Insurance Company Ltd. - one of Israel's leading Insurance companies that provides Non-Life, Health Insurance and Long-Term Savings, as well as the Phoenix Investments and Finance Ltd. - which manages its members' funds," according to Delek's website.
On Thursday Reuters said, citing Israel's Calcalist, the unit might fetch as much as NIS 1.5 billion to 1.8 billion (about $390 million to $467 million) for a 54.8 percent stake in Phoenix. The current market value on Phoenix is said to be about NIS 1.9 billion (about $494 million).
The Phoenix Holdings "integrates the operations of Phoenix Insurance Company Ltd. - one of Israel's leading Insurance companies that provides Non-Life, Health Insurance and Long-Term Savings, as well as the Phoenix Investments and Finance Ltd. - which manages its members' funds," according to Delek's website.
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