Anshei HaIr Acquires Rothstein Stake for 240 Million Shekels
Urban renewal firm Anshei HaIr has signed an agreement to acquire a 41.3% stake from Rothstein Nadlan. The deal values the company at 240 million shekels and grants Ron Chen full control over the firm's business strategy.
The urban renewal company Anshei HaIr has signed an agreement to acquire 41.3% of the company's shares from Rothstein Nadlan, based on a valuation of 240 million shekels. The consideration may increase by an additional 6 million shekels subject to progress in a specific project. Completion of the transaction is subject to receiving approvals within approximately 90 to 110 days.
Anshei HaIr, controlled by Ron Chen, is effectively acquiring the entire holdings of its partner, Rothstein Nadlan. Anshei HaIr will purchase 20,749,934 ordinary shares, which constitute approximately 41.32% of the company's issued and paid-up capital and voting rights.
The transaction is being carried out for a base consideration of 99.168 million shekels in cash, reflecting a price of approximately 4.78 shekels per share. It was further agreed that if, within 15 months from the completion date, defined conditions based on project milestones are met, Anshei HaIr will pay an additional 6 million shekels.
Previously, Ron Chen decided to exercise his right of first refusal, rejecting an offer from Gefen Nadlan, owned by Tzahi Abu, concluding that it did not reflect the true economic value of Anshei HaIr.
If the conditions are met, the total consideration will climb to approximately 105.17 million shekels, reflecting a price of 5.08 shekels per share and a company value of 255 million shekels. If conditions are not met within 110 days, both parties retain the right to cancel the agreement.
The acquisition ends the partnership between the two real estate entities, allowing Anshei HaIr and Ron Chen to exclusively lead the business strategy and development of the company in the coming years.
