Meitav Acquires Full Control of Peninsula Credit Company Without Cash Payment

Meitav Investment House has completed its acquisition of all public shares in Peninsula, a non-bank credit company, effectively taking it private after more than a decade as a publicly traded firm on the Tel Aviv Stock Exchange. Prior to the tender offer, Meitav already held 88% of Peninsula's shares. The recent offer was accepted by shareholders holding over 7%, raising Meitav's stake to above 95%, the threshold required to initiate a compulsory purchase of the remaining shares.

The acquisition, valued at approximately 93 million shekels, was unique in that it did not involve a cash payment. Instead, Meitav offered shareholders one Meitav share for every 38.5 Peninsula shares they owned. Meitav's shares have surged over 1,000% in the past three years, currently valuing the investment house at about 11.3 billion shekels.

Peninsula was initially taken over by Meitav in 2015 when it acquired a 34% stake. The company had been publicly traded since 2014, with Meitav considering selling its holdings in 2019 but ultimately deciding to retain them. Peninsula's market value has grown from around 500 million shekels in 2019 to approximately 800 million shekels today. The company reported financing revenues of about 158 million shekels and a net profit of 72 million shekels last year.

Peninsula operates primarily in two sectors: business credit provision and real estate project financing through its subsidiary Peninsula Real Estate Finance. Asaf Ezra was appointed CEO earlier this month and is expected to lead the company in its new private status. Peninsula will remain a reporting company through its bonds despite its delisting from the stock exchange.

This strategic move concludes Meitav's decade-long public ownership of Peninsula and positions the company for future growth opportunities in the evolving Middle Eastern trade environment.