XIO Group buys Meitav Dash for NIS 1.48b
Sunday, December 04, 2016
(Globes) – Meitav Dash CEO Ilan Raviv, chairman Zvi Stepak and vice chairman Avner Stepak will remain in their jobs.
Meitav Dash Investments Ltd. (TASE: MTDS) notified the Tel Aviv Stock Exchange that it has been acquired by London-based private equity company XIO Group for NIS 1.48 billion.
Meitav-Dash, controlled by Zvi Stepak and Eli Barkat's BRM Group, is Israel's second largest investment house with NIS 122 billion under management.
Meitav Dash CEO Ilan Raviv, chairman Zvi Stepak and vice chairman Avner Stepak will remain in their jobs and continue to manage the Tel Aviv based company.
Meitav shareholders will be offered two alternatives for the acquisition of the company. They can sell their shares for NIS 22 per share, a 61% premium on the company's current share price, or NIS 13.70 per share in cash now and a further NIS 13.70 in payments over three years from completion of the deal.
