Isracard shareholders approve acquisition by Delek

Shareholders of Israeli bank card firm Isracard (TASE: ISCD) yesterday voted in favor of promoting management of the corporate to Delek Group (TASE: DELKG), managed by Yitzhak Tshuva, at an organization valuation of NIS 3.56 billion. After the vote, Isracard’s shareholders accepted the settlement signed by the corporate’s administration with Delek Group, which paved the best way for promoting management of the corporate.

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Nevertheless, approval by the shareholders isn’t the top of the story. Formal regulatory approval should be given by Supervisor of Banks Daniel Hahiashvili, and the Israel Competitors Authority head Michal Cohen. Whereas approval by the Supervisor of Banks is extra sophisticated, the Delek Group has been making it clear in current months that they’ve been conducting superior negotiations on the topic since June 2024, in order that the Israel Competitors Authority shouldn’t have any downside approving the deal. The following step will probably be to attend and see if approval is obtained from the Financial institution of Israel. If regulatory approvals are obtained, then Delek is anticipated to take management of Isracard.

Delek moved nearer to its purpose of shopping for management of Isracard earlier this week when the bank card firm’s chair Tamar Yassur and CEO Ran Oz dominated out the bids of Menora Mivtachim (TASE: MMHD) and Financial institution of Jerusalem (TASE: JBNK).

Printed by Globes, Israel enterprise information – en.globes.co.il – on February 21, 2025.

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