Israel’s Second-Largest Investment House Conducting Sale TalksBy and
XIO Group seeking to buy Meitav Dash, people familiar said
Meitav Dash has 122 billion shekels under management
Meitav Dash Investments Ltd., Israel’s second-largest investment house, said it is in sale talks with an unnamed foreign fund. The shares soared.
The company is negotiating a sale to London-based XIO Group, two people with knowledge of the matter said, asking not to be identified because the talks are private. TheMarker, a Hebrew daily, earlier reported the name of the fund.
Meitav’s board set up a special committee of three directors to advise management on the process, the company said in a filing to the Tel Aviv Stock Exchange on Thursday. The company is controlled by majority owners Eli Barkat’s BRM Group and Zvi Stepak.
The Israeli investment house manages 122 billion shekels ($32.3 billion), second only to Psagot Investment House Ltd.
Shares of Meitav jumped 9 percent, the most in over three years, to 13.95 shekels at 12:08 p.m. in Tel Aviv. That brings its market capitalization to 939 million shekels.
XIO, which manages $5 billion according to its website, bought Israel’s Lumenis last year for $510 million.
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