Israel Canada and Acro Set to Finalize Multi-Billion Real Estate Merger
Real estate firms Israel Canada and Acro are set to finalize their multi-billion merger next week following investor notifications and data transfers.
Israel Canada and Acro are expected to announce the completion of their merger next week, according to notices sent to investors. The consolidation brings together two major real estate firms, with client data and financial records currently being transferred as part of the transition.
The original merger agreement was reached in February, initially valuing Acro at 3.1 billion NIS and Israel Canada at approximately 7 billion NIS. Under the terms, Israel Canada agreed to pay 60 percent in shares and the remainder in cash. However, due to recent market shifts, the combined current valuation stands at roughly 7.66 billion NIS, down from original estimates.
Financing for the transaction involves a bank loan of 600 million NIS, with the rest covered by internal resources. Controller Tsahi Arbib and other stakeholders adjusted the cash component to 930 million NIS. Meanwhile, Israel Canada reported strong sales figures, including 1 billion NIS in apartment sales during the first half of the year, alongside a return to net profitability in the second quarter.
