Deals
UAE Funds Cancel Deal to Buy Control of Israeli Financial Firm
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A consortium of Abu Dhabi funds led by ADQ have called off a planned deal to buy a controlling stake in Israeli financial services firm Phoenix Holdings Limited.
The term sheet was terminated due to potential regulatory limitations on the deal that would have likely restricted several members in the consortium from making additional material investments in Israel, the controlling shareholders said in a letter to Phoenix, filed to the Tel Aviv Stock Exchange. Phoenix shares fell as much as 2.44% to 37.61 shekels.