For $100 million: Rapyd founder Arik Shtilman offers to purchase Recanati shares in Maccabi Tel Aviv
First publication: Arik Shtilman offers to purchase the Recanati family's holdings in the basketball club and become the controlling owner. This follows a surprising move by the Recanatis, who exercised their right of first refusal to purchase the Federman family's shares.
Arik Shtilman has approached the owners of the Maccabi Tel Aviv basketball club, Udi and Shie Recanati, in recent days and submitted a non-binding offer to purchase all of Naftali Investments' holdings in the club or, alternatively, to acquire a controlling interest. Globes has learned that the offer stands at approximately $100 million for their entire holdings in the club, which amounts to 58%.
In his letter, Shtilman writes that he feels committed to the future of the club, in which he has been involved for many years as a fan and a major sponsor, and declares his intention to invest personal time, resources, and significant capital to promote the long-term success of Maccabi Tel Aviv.
According to the offer, the transaction price will be based on the same valuation at which Pedanco Sport shares in the club were recently purchased. Shtilman requests to complete due diligence within 30 days, and thereafter to conduct negotiations for a binding agreement, with the goal of completing the transaction within approximately 90 days, subject to all required approvals.
At this stage, this is an initial and non-binding offer, and the ball is in the shareholders' court.
The offer comes after a surprising saga that resulted in the Recanati family becoming the controlling owners of the club. Recently, the family announced that it was purchasing the Federman family's shares (29%) in the Maccabi Tel Aviv basketball team for $50 million. The Federman shares in Maccabi are held through the family's Pedanco company. With this, the Recanati family became the controlling owners of the club, holding 58% of the team's shares.
This is one of the most significant transactions in Israeli sports, and it was made possible after the Recanati family exercised its right of first refusal according to the shareholders' agreement. Thus, instead of the Maccabi shares held by Federman being sold to Arik Shtilman, founder and CEO of Rapyd, all the shares were sold to the Recanatis.
