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China’s Fosun International Buys Phoenix From Israel’s Delek

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Delek Group Ltd. agreed to sell its controlling stake in Phoenix Holdings Ltd., Israel’s fourth-largest insurance provider by market value, to China’s Fosun International Ltd.

The Netanya, Israel-based holding company announced on Sunday it would sell its entire 52 percent stake to a unit of the Shanghai-based conglomerate, according to an e-mailed statement. The purchase price is about $461.6 million plus interest accrued before the deal’s closing date, with other adjustments possible, Fosun said in a statement to the Hong Kong stock exchange. The maximum payable may be about $489 million, it said.