November 26, 2017 / 7:51 AM / a year ago

Sirius to buy Delek's 47 percent stake in Israeli insurer Phoenix

TEL AVIV (Reuters) - Israeli conglomerate Delek Group (DLEKG.TA) said on Sunday that Sirius International Insurance has decided to exercise its option to buy Delek’s remaining 47 percent stake in Phoenix Holdings (PHOE1.TA) for 2.3 billion shekels ($656 million).

In September Bermuda-based Sirius [WTMSI.UL] bought 4.9 percent of insurer Phoenix from Delek for 208 million shekels.

The latest deal is subject to regulatory approval, Delek said in a statement to the Tel Aviv Stock Exchange.

In June, Delek said its planned sale of a controlling stake in Phoenix to China’s Fujian Yango Group 000671.SZ had been called off by both sides after it failed to secure regulatory approval. Previously, deals to sell Phoenix to AmTrust Financial Services (AFSI.O) and China’s Fosun International (0656.HK) also fell through.

Reporting by Tova Cohen, Editing by Ari Rabinovitch

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