September 5, 2018 / 10:15 AM / 7 months ago

Israel's Delek Group selling another 4.9 pct of insurer Phoenix

TEL AVIV, Sept 5 (Reuters) - Israel’s Delek Group said on Wednesday it agreed to sell a 4.9 percent stake in insurer Phoenix Holdings for 263 million shekels ($73 million) to a third party through a banking institution.

The 12.5 million shares will be sold outside of the stock market at 21.03 shekels each, the same as Tuesday’s closing price, valuing Phoenix at 5.3 billion shekels. It did not identify the buyer.

Last week Delek sold a 4.9 percent stake in Phoenix for 253 million shekels.

Prior to the transaction, Delek held 36.47 percent of Phoenix, one of Israel’s largest insurance companies.

Delek, which holds significant stakes in Israel’s largest natural gas fields and other energy assets, is required to sell Phoenix under Israeli regulation that prohibits conglomerates from holding stakes in both financial and non-financial businesses.

It has been trying to sell its stake in Phoenix for more than six years. Several deals have been blocked by Israeli regulators who are concerned about some foreign groups taking over the company, which manages pension funds. ($1 = 3.6231 shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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