Deals
Israel’s Tene Said to Buy Stake in Caesarstone for $43.5 Million
- Fund said to pay $43.50 per share to Kibbutz Sdot Yam
- Fund said to get two seats on board, option for more shares
Visitors stand in the lobby of the Tel Aviv Stock Exchange.
Photographer: Rina Castelnuovo/BloombergThis article is for subscribers only.
Tene Investment Funds Ltd. has agreed to buy 1 million shares of Caesarstone Ltd. from Kibbutz Sdot Yam for $43.5 million, with an option to buy 2 million more shares within five years, according to a person involved in the deal.
The purchase gives Tene almost 3 percent of Caesarstone’s shares. As part of the agreement, the Israeli private equity fund also will get voting control of the kibbutz’s remaining shares and two seats on Caesarstone’s board, the person said.