Summit Real Estate Holdings Ltd. (TASE:SMT), controlled by Zohar Levy, yesterday sold its entire stake of 16% in Israeli energy and retail company Paz Oil Company Ltd. (TASE:PZOL) for NIS 1.1 billion, in one of the largest deals on the Tel Aviv Stock Exchange in recent times. Sources tell "Globes" that the shares were purchased by Clal Insurance, More Investment House, and Altshuler Shaham, with Menora Mivtachim, Harel, Meitav and Lapidot buying smaller stakes.
The deal, which is being led by InFin Underwriters, will be completed in two stages. Yesterday, Levy sold two-thirds of his holdings for NIS 700 million at a discount of 4% on the market price. The buyers were given the option to buy the remaining third for NIS 350 million, on the assumption that the full deal is exercised, in which event Summit will no longer have a stake in Paz.
Today Summit's share price is up 10% while Paz is down 5%.
Capital gain of over NIS 500 million in four years
Following completion of the deal, Summit will recognize a capital gain of almost NIS 500 million. This is after it began purchasing shares in the Paz in 2021, and over the years has invested about NIS 660 million, becoming the largest shareholder in the company, which is run without a controlling stake. In addition, Summit has benefited from a dividend of about NIS 100 million, distributed by Paz over the past year and a half.
Published by Globes, Israel business news - en.globes.co.il - on July 24, 2025.
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