January 22, 2018 / 7:57 AM / a year ago

Israel's Bank Leumi to sell 15 pct of U.S. unit for $141 mln

TEL AVIV, Jan 22 (Reuters) - Bank Leumi has agreed to sell a 15 percent stake in its subsidiary Bank Leumi USA to two strategic investors for $141 million, Israel’s second largest bank said on Monday.

The strategic investors are Endicott Capital Management, co-founded by Wayne Goldstein in 1996 to invest in financial institutions, and MSD Capital LP, Michael Dell’s private investment firm.

If the shares purchased are not tradeable four years after completion of the deal, the partners will have an option to sell the shares back to Leumi.

The deal, which is subject to regulatory approval, will not have a substantial impact on Leumi’s financial results. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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