Nati Saidoff Sells Stake in Shikun & Binui, Hinting at Full Control Exit

Nati Saidoff, the controlling shareholder of Shikun & Binui, sold 4% of his shares in the company for NIS 450 million on Thursday, a move widely interpreted in the capital markets as the beginning of his exit from the real estate and infrastructure firm. Saidoff, who resides in Los Angeles, retains a 30.8% stake after the sale. The sale could signal his readiness to sell his entire controlling interest, either in a single large transaction or gradually. Saidoff acquired control of Shikun & Binui from Shari Arison in 2018 for NIS 1.1 billion, purchasing 47% of the shares. His remaining shares are now valued at NIS 3.5 billion.

Saidoff has invested approximately NIS 1.4 billion in Shikun & Binui overall, including an additional NIS 270 million injected through two subsequent share issuances. In 2023, Shikun & Binui raised NIS 600 million privately from institutional investors at NIS 9 per share, less than half the current price. Saidoff did not participate in this issuance, leading to a dilution of his stake from 47% to 41%. These capital raises were intended to address the company's high leverage, which reached NIS 20 billion.

In March 2025, Saidoff sold 4% of his shares to Sharon Even-Haim, whom he appointed as deputy chairman to implement his strategy and improve the company's value. Even-Haim has a mechanism allowing him to sell 10% of Saidoff's realized shares, potentially selling 0.4% for NIS 45 million. While Saidoff and Even-Haim did not comment, sources close to Saidoff claim he has no intention of selling more shares. They attribute the recent sale to Saidoff's desire to finally receive dividends, having not done so since acquiring the company. These sources also stated that Saidoff has received offers to sell control but is not engaging in meetings, believing the company has significant value-creation potential.

Shikun & Binui is also in the process of selling its energy division, Shikun & Binui Energy, to Generation Fund for NIS 4.45 billion. If completed, this deal would eliminate the company's solo debt. However, the transaction faces regulatory hurdles, including approvals from the Electricity Authority and the Competition Authority, and Generation Fund may be required to divest some of the acquired stations. Shikun & Binui estimates the deal will yield NIS 2.9 billion and reduce its consolidated debt by NIS 5.7 billion.

Financially, Shikun & Binui reported a loss of NIS 123 million in the first half of 2026, compared to a profit of NIS 237 million in the same period last year. However, the company posted a profit of NIS 241 million in the second quarter, largely due to a NIS 307 million tax income from utilizing deferred losses related to the anticipated energy division sale.