The acquisition of credit card company Leumi Card by<a href=https://www.warburgpincus.com/ target=new>Warburg Pincus</a> will close on February 26, the sides agreed today, according to a report by Leumi to investors.
<p>The Leumi Card deal was signed seven months ago. Warburg Pincus agreed to buy the credit card company, which Bank Leumi was obliged to divest from under the Strum reforms in Israel's financial services market, outright for NIS 2.5 billion, of which Bank Leumi will receive 80% and <a target=new href=http://www.azrieligroup.com>Azrieli Group Ltd.</a> (TASE: <a href=Javascript:viewInstrument('1119478',45,'EN')>AZRG</a>) 20%, in line with their holdings in the company.
<p>Warburg Pincus is buying Leumi Card with about NIS 1 billion of its own equity and a loan from local institutions <A target=new href=http://www.harel-group.co.il/>Harel Insurance Investments and Financial Services Ltd.</a> (TASE: <a href=Javascript:viewInstrument('585018',45,'EN')>HARL</a>), <A target=new href=http://www.menoramivt.co.il/>Menorah Mivtachim Holdings Ltd.</a> (TASE: <a href=Javascript:viewInstrument('566018',45,'EN')>MORA</a>), and <A target=new href=http://www.phoenix.co.il/>The Phoenix Holdings Ltd.</a> (TASE: <a href=Javascript:viewInstrument('767012',45,'EN')>PHOE1</a>;<a href=Javascript:viewInstrument('767038',45,'EN')>PHOE5</a>).
<p><i>Published by Globes, Israel business news - <a href=http://en.globes.co.il>en.globes.co.il</a> - on February 14, 2019</i>
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