Sky Fund Considers Selling Control of Icon Group Ahead of Tel Aviv Market Open

Sky Investment Fund is exploring the sale of its controlling stake in Icon Group, the parent company of the iDigital retail chain and official Apple product distributor in Israel. Sky managers Zvi Yochman and Nir Dagan recently held meetings with several interested parties, discussing valuations exceeding 500 million shekels, above the company's current market value of 437 million shekels. Sky holds 42.5% of Icon Group shares, valued at approximately 186 million shekels, and is evaluating an exit as the fund approaches the end of its typical seven-year investment lifecycle.

Ahead of the Tel Aviv Stock Exchange opening, Wall Street experienced moderate declines, with the Dow Jones and S&P 500 down 0.5% and Nasdaq down 0.3%. Meanwhile, oil prices showed slight gains, with Brent crude up 0.6% and WTI up 0.8%. US 10-year Treasury yields rose to new highs, reaching 4.74%, while Israeli 10-year bond yields stood at 3.81%. Market attention is shifting toward second-quarter financial reports, which will continue to be released through the end of the month, including from companies like Matrix and Alony Hetz.

Alony Hetz reported a net loss of 179 million shekels in Q2, worsening from a 134 million shekel loss in the same quarter last year, primarily due to real estate revaluations.