Harel Insurance Acquires Shikun & Binui Shares for 320 Million NIS
Harel Insurance has increased its stake in Shikun & Binui to 8.43% after acquiring 17.91 million shares for 320 million NIS in an off-market transaction completed on September 3, 2026.
Major Off-Market Transaction
There has been a significant shift in the shareholder structure of the Shikun & Binui Group. The company has officially notified the Tel Aviv Stock Exchange and the Israel Securities Authority of a substantial change in the holdings of its institutional stakeholder, Harel Insurance Group (specifically through its provident fund management companies).
According to the regulatory filing, Harel Insurance acquired approximately 17.91 million ordinary shares of Shikun & Binui in an off-market transaction. The deal was executed at an average price of 1,783.66 agorot per share (approximately 17.83 NIS per share), representing a total financial volume of about 320 million NIS. The transaction was completed on September 3, 2026. This purchase is highly likely linked to the controlling shareholder, Nati Saidoff, who recently sold a 4% stake in the company for 450 million NIS.
Harel Increases Stake to 8.43%
Following this acquisition, Harel Insurance has significantly increased its holdings in Shikun & Binui from 31.81 million shares (approximately 5.40% of the share capital) to 49.72 million shares. This major increase brings Harel's current stake to 8.43% of the company's share capital and voting rights (and 8.38% on a fully diluted basis).
This massive off-market purchase reflects strong confidence by Harel Insurance Group in the operations and growth potential of the infrastructure and real estate giant.
Strategic Context
This move comes just one month after Harel Insurance, alongside Phoenix and Migdal, joined Generation Capital in acquiring Shikun & Binui Energy. Under that agreement, Phoenix received 12.4% of the shares of PowerGen, Generation's energy division, while Migdal and Harel committed to investing up to 800 million NIS following the completion of the acquisition.
