Waze Founder Rappaport Eyes Major Acquisition of Credit Card Firm Cal
Translated & summarized from Ice by baba
Waze founder Assaf Rappaport is reportedly interested in acquiring a significant stake in the Israeli credit card company Cal, following his purchase of Channel 13 and talks for McDonald's Israel. Other interested parties include Gil Agmon, Delek Group, and Direct Insurance. The previous deal with George Horesh was blocked by regulators. Discount Bank must sell its controlling stake in Cal by May 2027.
The story in 5 lines · by baba
- Waze founder Assaf Rappaport is reportedly interested in acquiring Israeli credit card company Cal.
- Rappaport recently bought Channel 13 and is negotiating for McDonald's Israel.
- The previous sale of Cal to George Horesh was blocked by the Antitrust Authority.
- Gil Agmon and Delek Group are also in talks to buy a stake in Cal.
- Discount Bank must sell its controlling stake in Cal by May 2027.
Assaf Rappaport, the founder of Waze, is reportedly in the running to acquire a significant stake in the Israeli credit card company Cal (Credit Cards for Israel). This potential deal follows Rappaport's recent acquisition of Channel 13 and ongoing negotiations to purchase the McDonald's Israel franchise. Rappaport and other Waze founders are seeking a large partner for the Cal acquisition.
Cal was previously slated for sale to George Horesh and Harel for an estimated NIS 3.75-4 billion. However, the Antitrust Authority blocked that deal, demanding Horesh sell his stake in Super-Pharm, a competitor to Shufersal's pharmacy chain, which has a customer club issuing credit cards through Cal.
Following the collapse of the Horesh deal, Gil Agmon and the Delek Group have entered discussions to purchase approximately 50% of Cal's shares. Delek Motors has confirmed it is conducting an initial review of acquiring shares in Cal, though no board discussions have occurred and the deal is not certain.
Insurance company Direct Insurance, owned by Muki and Doron Shneidman, has also expressed interest in acquiring Cal. However, Discount Bank, which must divest its controlling stake in Cal by May 2027 as part of credit market reforms, will not engage with potential buyers until the deadline for the Horesh deal passes.
Agmon is reportedly looking to acquire Cal for NIS 3-3.5 billion. Discount Bank currently holds 72% of Cal's shares, with the International Bank holding the remaining 28%. The bank must reduce its stake to a maximum of 40% by May 2027.
Mentioned
