Sky Fund Buys Li-Bar Events Stake as Intel Acquires Classic for $2.3B
Sky Fund acquires a stake in catering giant Li-Bar Events at a 400 million shekel valuation, while Intel purchases Israeli quantum startup Classic for 2.3 billion dollars in a historic deal.
A series of major business developments and high-profile corporate transactions have shaken the Israeli and global markets, highlighted by a massive acquisition in the catering sector and a landmark quantum computing deal.
Sky Fund Acquires Stake in Li-Bar Events
Private equity firm Sky Fund has agreed to acquire a 50% stake in the Israeli catering giant Li-Bar Events at a valuation of up to 400 million shekels. Founded in Kiryat Gat, the company employs approximately 1,500 workers and supplies meals to IDF military bases as well as major tech corporations across Israel. The founders, the Yifrah family, will remain at the helm of the company. Notably, well-known actor and comedian Eli Yatzpan stands to gain millions from the transaction through his investment firm operating behind the scenes.
Intel Purchases Israeli Quantum Startup Classic
In what is being hailed as the largest transaction of its kind in history, chip giant Intel has announced the acquisition of Israeli startup Classic for an estimated 2.3 billion dollars. Classic developed an advanced operating system for quantum computers. The deal represents the largest acquisition in the history of the quantum computing sector, generating massive returns for its founders and investment funds while turning the Israeli operation into Intel's global quantum development center.
Additional Market Moves and Corporate Failures
Meanwhile, businessman Amos Luzon saw his portfolio surge after acquiring additional shares, raising his stake to approximately 57% of his company following a 20% stock jump that added 230 million shekels to his wealth in a month. In the tech sector, Israeli startup Cortigo has collapsed, selling its remaining assets, patents, and technology to Japan's Aeterlink for just 350,000 dollars after previously raising 45 million dollars from giants such as Amazon, Qualcomm, and Verizon.
