Regulator approves WeSure takeover of Ayalon
The most surprising offer in Israel’s insurance plan marketplace very last calendar year finally gained the go-forward at the end of past 7 days when Commissioner of Insurance policy, Cost savings and Capital Marketplaces Dr. Moshe Bareket gave electronic insurance plan firm WeSure a permit to management veteran participant Ayalon Insurance policies Firm.

WeSure essential the allow in get to be equipped to get 67% of Ayalon for NIS 463 million. For the functions of elevating the money, WeSure brought Caesarea Clinical Electronics, controlled by Zvi Barak and his spouse Anat, into the deal. Barak will commit NIS 270 million in WeSure.




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Finance was not, on the other hand, the only, or even the most important hurdle that WeSure experienced to conquer. Throughout the handle permit course of action, the Israel Securities Authority elevated the need to collapse a single of the levels in the Ayalon group construction, considering the fact that the Focus Legislation bans a pyramid of more than two providers that are both community or elevate money by way of bonds, and the offer would have create such a pyramid: WeSure, a general public enterprise below it Ayalon Holdings, a second general public company below that Ayalon Insurance plan, a private company but considered a layer for the needs of the Concentration Regulation and underneath that Ayalon Insurance coverage Issuing and Elevating Ltd., a business that has lifted financial debt in a bond presenting.

In get to offer with the ban, in early March the boards of directors of Ayalon Holdings and of Ayalon Insurance agreed a merger, collapsing two levels of the pyramid into one particular (coverage businesses are exempt from the bond difficulty provision), consequently taking away the impediment to completion of the offer. At the close of final week, the Commissioner of Insurance plan, Personal savings and Money Marketplaces awarded an coverage license to the merged Ayalon Insurance policies.

Soon after the regulatory impediment was taken out, Bareket gave a handle permit to the managing shareholders in WeSure, Emil Vainshel and Nitzan Zeir-Harim, together with Zvi and Anat Barak, enabling them to maintain, straight or indirectly, stakes in WeSure World Tech (TASE: WESR), and in the insurance policy businesses that it controls. Earlier in the week, the Competitors Authority gave its acceptance to the offer between WeSure and Caesarea Healthcare Electronics.

Revealed by Globes, Israel business information – en.globes.co.il – on May 22, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


