Yitzhak Tshuva Moves Towards Mega Real Estate Deal with Tzachi Abu Acquisition
Translated & summarized from Ice by baba
The Israeli Competition Authority has approved Tzachi Abu's acquisition of approximately 25% of YBOX shares, a real estate company co-owned by Yitzhak Tshuva. Gefen Megurim, controlled by Abu, will purchase 20% for 76 million shekels, and businessman Tamir Cohen will buy 5.4%. The deal is expected to close soon, marking a significant expansion for Abu in the real estate sector. Separately, Abu recently purchased 50 rental units in Netanya for 120 million shekels.
The story in 7 lines · by baba
- The Competition Authority approved Tzachi Abu's acquisition of about 25% of YBOX real estate company shares.
- Gefen Megurim will buy 20% of YBOX for 76 million shekels, with Tamir Cohen acquiring an additional 5.4%.
- Yitzhak Tshuva and his son are existing shareholders in YBOX, alongside the founder Yaakov Gorsad.
- The deal is part of Tzachi Abu's ongoing expansion in the Israeli real estate market.
- Tamir Cohen will receive advisory fees and a loan from Gefen Megurim for his role in the transaction.
- Abu recently purchased 50 rental units in Netanya for 120 million shekels.
- A previous major deal by Abu with Chaim Katzman for City-Go collapsed due to undisclosed partnerships.
A significant step has been taken towards finalizing a major real estate transaction involving Yitzhak Tshuva. The Competition Authority has approved the acquisition of approximately 25% of the shares in the real estate company YBOX, in which Tshuva and his son are partners. Gefen Megurim and Gefen Megurim will purchase about 25.4% of the company's issued share capital and voting rights. Specifically, Gefen Megurim will acquire 20% of YBOX for around 76 million shekels, while Tamir Cohen will purchase 5.4% of the shares.
The approval, received over the weekend, fulfills a necessary condition for the deal. The companies anticipate the transaction will be fully completed in the coming days. Initially reported in early September, the deal involves corporations controlled by Gefen Megurim, led by Tzachi Abu, and businessman Tamir Cohen acquiring shares from YBOX founder Yaakov Gorsad. Tshuva and his son are existing shareholders.
Tamir Cohen is set to receive approximately 5.9 million shekels plus VAT from Gefen Megurim for his role in the deal, along with a 10.1 million shekel loan from Gefen to finance his share purchase. This move aligns with Tzachi Abu's broader expansion strategy in the real estate market, including his stakes in Ari Real Estate, Abu Real Estate Yield, and Gefen Megurim, which recently brought in Leumi Partners as a shareholder.
With the Competition Authority's approval, Abu and Cohen will become key stakeholders in YBOX, joining other prominent shareholders like Yitzhak Tshuva. In a separate transaction, Abu Family Living, controlled by Abu, recently acquired 50 housing units from Azorim in Netanya for approximately 120 million shekels, intended for rental income. This acquisition follows two previous bulk purchases by Abu since a major deal with Chaim Katzman collapsed. That deal, involving the acquisition of control of City-Go, fell apart when Katzman felt undermined by Abu's undisclosed partnerships.
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