Horizon Capital Markets Set for Tel Aviv Stock Exchange via Blue Wave Merger
Horizon Capital Markets is merging with the Tel Aviv Stock Exchange cash shell Blue Wave in a deal valuing the investment house at approximately 40 million NIS.
Horizon Capital Markets is heading toward the Tel Aviv Stock Exchange through a merger with the TASE-listed cash shell Blue Wave, in a deal valuing the investment house at approximately 40 million NIS.
Under the transaction led by businessman Yariv Lerner, Blue Wave will acquire 50% of Horizon's shares for 20 million NIS in the first stage. In the second stage, the company will acquire the remaining 50% from Itay Lipkovitch for an additional 20 million NIS, paid in eight quarterly installments.
The agreement stipulates that even after the sale of control, Lipkovitch will continue to serve as the chief strategist of Horizon for at least two years following the completion of the deal. The agreement also allows him to choose to receive up to 19.9% of the consideration due to him in Blue Wave shares instead of cash, subject to required conditions and approvals.
Itay Lipkovitch, founder of Horizon Capital Markets, stated: "We founded Horizon as an investment house providing personal service to build a professional path. The agreement is designed to give us a broader base for the next stage: expanding operations, continuing to develop investment management, and examining how technological capabilities can be integrated into our work."
