Wishor Buys 45% Stake in Altshuler Shaham Finances for $215 Million

The acquisition of a controlling stake in Altshuler Shaham Finances has been finalized, with Wishor GlobalTech set to purchase 45% of the company's shares for 800 million shekels (approximately $215 million). The shares are being sold by Altshuler Shaham Ltd., owned by Gilad Altshuler and Kalman Shaham.

In a parallel transaction, the CEO of Altshuler Shaham Finances, Yair Levinstein, will acquire an additional 10% of the shares for around 180 million shekels. Altshuler and Shaham will continue to manage Altshuler Shaham Ltd., which oversees the core investment house operations excluding pension funds. Despite relinquishing control of the entity holding the majority of assets under management, they will retain management of non-pension activities.

Altshuler Shaham Finances, currently valued at approximately 1.2 billion shekels, will become a subsidiary of Wishor, joining its insurance subsidiary, Ayalon. This move establishes Wishor with two main divisions: finance and insurance. Ayalon recently entered the pension fund sector in July, raising over a billion shekels. Altshuler Shaham Finances manages 112 billion shekels, and it remains unclear if both companies will continue to manage pension activities concurrently.

Wishor is controlled by Emil Vinshel, who serves as chairman and holds 29% of the shares, and Zvi Barak through Kaysaria Holdings, which owns 28.4%. Wishor's primary holding is 70% of the insurance company Ayalon, while Wishor's own digital insurance business constitutes 15% of the group's activities.