The insurance company bought a stake in British Israel.
Insurance company Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) continues to build its holdings in the real estate sector. On Thursday, the company invested NIS 50 million in British-Israel Investments Ltd. (TASE: BRTS), led by CEO Amir Biram.
The investment gave Midgal a 4% stake in the company, below the minimum threshold to be considered a party at interest.
The transaction valued British Israel at NIS 1.25 billion, 2% above its current market valuation.
Published by Globes [online], Israel business news - www.globes-online.com - on June 28, 2009
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