Altshuler Shaham Sells Majority Stake in Pension Giant for $270 Million

Altshuler Shaham is selling a 55% controlling stake in its public pension and provident fund company to Yair Levinstein and Visor GlobalTech for approximately one billion shekels (about $270 million). The deal values the company at around 1.8 billion shekels and will establish a new ownership structure for the firm, which manages approximately 150 billion shekels in assets.

Yair Levinstein is expected to continue serving as the CEO of Altshuler Shaham Finances, which will operate as an independent entity. The company currently manages the group's provident and pension activities, alongside non-bank credit operations and alternative investments including real estate, iFunds, and investment funds.

According to a joint statement, the transaction follows a period where various restructuring options for the group were considered, including consolidating all activities under the public company. Ultimately, the decision was made to separate the operations, allowing each to function independently.

For Visor GlobalTech, this represents a significant expansion beyond its insurance focus, entering the long-term savings, provident fund, pension, and finance sectors. The group currently operates in Israel and the United States. The deal's completion is contingent upon receiving necessary regulatory approvals. Until then, no changes are anticipated in the companies' operations, employee roles, or customer service, and client funds will continue to be managed by the existing investment teams.