Horizon Investment House Faces Regulatory Probe Following Acquisition Announcement
Translated & summarized from TheMarker by baba
Blue Wave announced its acquisition of Horizon Investment House, revealing that Horizon is under an administrative inquiry by the Israel Securities Authority for alleged breaches of duty. Both companies were aware of the probe during the deal, which is valued at 40 million shekels. Horizon manages 2 billion shekels and the inquiry is ongoing.
The story in 5 lines · by baba
- Horizon Investment House is under an administrative inquiry by the Israel Securities Authority.
- Blue Wave announced its acquisition of Horizon Investment House for 40 million shekels.
- The inquiry concerns alleged breaches of fiduciary duty and caution by Horizon.
- Both Blue Wave and Horizon were aware of the ongoing investigation during the acquisition deal.
- Horizon Investment House manages 2 billion shekels in assets.
Horizon Investment House is currently undergoing an administrative inquiry by the Israel Securities Authority concerning alleged breaches of fiduciary duty and caution. The probe was revealed by Blue Wave, a publicly traded shell company, more than a week after announcing its acquisition of Horizon for 40 million shekels over two years. Horizon, a smaller investment firm owned by Itay Lipkowitz, manages 2 billion shekels in portfolio and mutual fund management.
According to Blue Wave's report, both parties were aware of the ongoing investigation and had disclosed this information within the sale agreement. Blue Wave stated that the company was aware of the administrative proceedings at the time of signing and assumed they were not material enough to impact the deal announcement, noting that the process has not yet concluded.
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