Discount Bank Abandons Cal Deal Amid Competition Authority Standoff
Translated & summarized from Calcalist by baba
Discount Bank has officially called off its NIS 3.75 billion deal to sell its credit card company Cal to George Horesh and Harel due to regulatory objections. The Competition Authority demanded Horesh sell his Super-Pharm stake, which he refused. Discount Bank will launch a new tender within a month, aiming to complete the sale by May 2027, with Delek Motors and other investors reportedly interested.
The story in 5 lines · by baba
- Discount Bank canceled the NIS 3.75 billion sale of Cal to George Horesh and Harel.
- The Competition Authority demanded Horesh sell his Super-Pharm stake, which he refused.
- Discount Bank will issue a new tender for Cal within one month.
- The bank must complete the sale of its controlling stake by May 2027.
- Delek Motors and other investors are reportedly interested in acquiring Cal.
Discount Bank has officially announced the termination of its deal to sell its credit card company, Cal, to a consortium led by George Horesh and the insurance company Harel. The bank informed the stock exchange that the agreement has ended due to a lack of change in the stance of the Competition Authority.
The Competition Authority, headed by Michal Cohen, had conditioned its approval of the sale on Horesh's company, Union, divesting its 35% stake in the Super-Pharm drugstore chain to prevent harm to competition in the pharmacy sector. Horesh reportedly did not agree to this condition.
The original agreement, signed in September 2025, stipulated the sale of Cal for NIS 3.75 billion to NIS 4 billion. This acquisition included the International Bank's 28% stake in Cal.
Discount Bank is now preparing to launch a new tender for Cal within a month, with updated valuations. Potential interested parties include Gil Agmon's Delek Motors, the funds Centerbridge and Glin, and a large foreign fintech company in partnership with Thor Rosenberg. Jerusalem Bank and Direct Insurance are also reportedly interested, possibly in minority stakes, as are the founders of Waze, led by Assaf Rappaport.
The bank is under regulatory pressure to complete the sale of its controlling stake by May 2027. Potential buyers will not receive updated data until KPMG completes the information room, which is expected to be ready in two to three weeks.
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