Allied Group

Shafir Engineering signed a binding agreement to sell its natural gas distribution companies to Allied Group for 230 million NIS, expecting a profit up to 100 million NIS.

Investment house Pasternak Shoham completed its Tel Aviv IPO, raising ILS 70 million at a ILS 280 million pre-money valuation. Key investors included Itzik Oz and Prof. Yitzhak Swary's Allied Group.

The insurance and finance company is buying back 5% of its pension and provident fund operations from the Allied Group for 249 million shekels, reflecting a valuation of about 5 billion shekels for the activity. Four years ago, Yitzhak Suary's Allied acquired the stake for 129 million shekels, and it will continue to hold 5% of the activity.