Israeli Businessman Gil Agmon Enters Race to Acquire Cal
Translated & summarized from Globes by baba
Businessman Gil Agmon has entered the race to acquire Cal shares from Discount Bank, potentially valuing the company between 3.2 and 3.5 billion shekels. This follows a previous deal with Union that was blocked by regulators. Discount Bank is also exploring reviving the Union-Harel deal, with potential new investors like Gelatin and Centerbridge. The bank faces a 2027 deadline to sell its stake and has requested an extension from the Bank of Israel.
The story in 6 lines · by baba
- Gil Agmon is interested in acquiring Cal shares from Discount Bank, potentially at a lower valuation.
- The previous deal with Union for Cal was blocked by the Antitrust Authority.
- Discount Bank is trying to revive the Union-Harel deal with potential new investors.
- Cal's valuation is estimated between 3.2 and 3.5 billion shekels, down from a previous high.
- Discount Bank has a deadline of April 2027 to sell its controlling stake in Cal.
- The bank has requested an extension from the Bank of Israel to divest its Cal holdings.
Gil Agmon, the controlling shareholder of DCL, has expressed interest in acquiring the shares of Cal held by Discount Bank. The bank currently owns 72% of Cal, with the remaining shares held by International. The valuation for the acquisition is expected to be lower than the 4 billion shekel valuation in a previously failed deal with Union, which was blocked by the Antitrust Authority due to significant restrictions. Agmon is reportedly seeking a valuation between 3.2 and 3.5 billion shekels, partly due to Cal losing its "Flycard" club agreement with El Al's "Matmid" frequent flyer program over the past year.
Discount Bank, led by CEO Avi Levi, is still attempting to revive the Union-Harel deal, which offered the highest valuation for Cal. Gelatin, a partner in Discount's New York bank, is reportedly considering joining the Union-Harel group to become the controlling shareholder, thereby reducing Union's size and facilitating approval from the Antitrust Authority. Additionally, American fund Centerbridge is reconsidering its participation in the deal.
While Gideon Tadmor, founder of Navitas Petroleum, was previously mentioned, he is reportedly no longer interested. Discount Bank faces a shrinking timeline to complete the sale or proceed with an IPO, with a legal deadline of April 2027 to divest its control of Cal. The bank has requested an extension from the Bank of Israel to potentially cancel the sale requirement entirely. A new government formation might allow for further extensions. The current agreement with Union-Harel expires in November, but could be extended to facilitate a new transaction.
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