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Sirius gets anti-trust approval to buy Israeli insurer Phoenix
December 17, 2017 / 9:48 AM / a month ago

Sirius gets anti-trust approval to buy Israeli insurer Phoenix

JERUSALEM (Reuters) - Sirius International Insurance said on Sunday it won approval from Israel’s anti-trust commissioner for its acquisition of a stake in Phoenix Holdings (PHOE1.TA).

Last month, Bermuda-baed Sirius [WTMSI.UL] said it would exercise its option to buy Israeli conglomerate Delek Group’s (DLEKG.TA) 47 percent stake in insurer Phoenix for 2.3 billion shekels ($655 million).

In September, Sirius had bought 4.9 percent of Phoenix for 208 million shekels.

    The deal is still subject to approvals from the Commissioner of Insurance and other regulators, Sirius said.

    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.

    ($1 = 3.5141 shekels)

    Reporting by Steven Scheer, editing by Larry King

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