Harel Insurance Buys $320 Million in Shikun & Binui Shares

The Harel Insurance Group has significantly increased its stake in the Shikun & Binui infrastructure and real estate company, acquiring approximately 17.91 million shares for about 320 million shekels. The transaction, which took place on September 3, was conducted off-exchange and is believed to involve shares previously held by controlling shareholder Nati Saidoff, who reportedly sold 4% of the company for 450 million shekels around the same time.

Following this purchase, Harel's holdings in Shikun & Binui rose from 5.40% to 8.43% of the company's share capital and voting rights. This move marks a substantial expansion of Harel's investment in the company, which it joined only a month prior as part of a consortium, alongside The Phoenix and Migdal, to acquire Shikun & Binui Energy.

In that earlier deal, The Phoenix acquired 12.4% of PowerGen, the energy division of Generation, while Migdal and Harel committed to investing up to 800 million shekels post-acquisition. The recent large-scale off-exchange purchase by Harel signals strong confidence in Shikun & Binui's operations and future growth potential.