Ayalon Insurance Gets Option to Join Altshuler Shaham Deal

Ayalon Insurance, a subsidiary of Wishor Globaltech, has been granted an option to acquire up to 10% of the shares in Altshuler Shaham Finances, a company Wishor is in the process of purchasing. Wishor Globaltech and Yair Levinstein, who is set to buy 10% of Altshuler Shaham Finances, have signed a shareholders' agreement. Levinstein will continue as CEO, and Emil Winshel is expected to become chairman, replacing Ran Shaham. These details emerged from the stock exchange report concerning the Altshuler Shaham deal.

Ayalon Insurance was initially offered the opportunity to join the acquisition by its parent company, Wishor, but its board declined, citing potential regulatory hurdles. Despite the initial refusal, Ayalon retains the option to join the deal later. Under the agreement, Levinstein has the right to convert his Altshuler Shaham Finances shares into Wishor Globaltech shares at market value.

Meanwhile, Altshuler Shaham Ltd., the current parent company of Altshuler Shaham Finances, has committed to refraining from engaging in provident and pension fund activities for a specified period, effectively agreeing not to compete with Altshuler Shaham Finances for several years. Gilad Altshuler and Ran Shaham are expected to continue managing Altshuler Shaham Ltd., which focuses on mutual funds, hedge funds, and brokerage services.

Should Wishor Globaltech withdraw from the acquisition, it will be required to pay Gilad Altshuler and Ran Shaham a penalty of NIS 50 million. The conditions for the deal are expected to be met within nine months of the signing date.

Emil Winshel stated that Altshuler Shaham Finances' integration into the group adds a key financial arm, expanding their long-term savings and finance operations and significantly strengthening their growth engines. He expressed confidence in Levinstein and the company's management, seeing substantial potential for developing existing activities and expanding into new areas. Upon completion, Wishor Globaltech anticipates solidifying its position as a leading insurance and finance group in Israel.