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Terminal X Cancels Soho Acquisition Amid Negotiation Gaps
Terminal X, a subsidiary of the Fox Group, has canceled its planned acquisition of a controlling stake in the Soho design and lifestyle chain. The decision, announced on Thursday, comes just three weeks after the parties signed a non-binding memorandum of understanding.
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What happened
- 01Terminal X canceled its agreement to acquire a 50.01% controlling stake in the Soho lifestyle chain.
- 02The deal was called off on Thursday, just three weeks after a non-binding memorandum of understanding was signed.
- 03Terminal X cited unresolved negotiation gaps between the parties as the reason for the cancellation.
- 04The proposed acquisition was valued at NIS 11 million, which valued the Soho chain at NIS 22 million.
- 05Under the initial agreement, NIS 8 million of the purchase price was designated for debt repayment.
- 06Soho operates 12 design and lifestyle stores across Israel, employs about 100 people, and runs an e-commerce site.
- 07The acquisition was intended to expand Terminal X's presence in the home goods and design market.
According to Terminal X, the deal collapsed due to unresolved negotiation gaps that emerged between the parties. The initial agreement, signed on September 16, would have seen Terminal X purchase 50.01% of Soho for NIS 11 million, valuing the retail chain at approximately NIS 22 million. A significant portion of the purchase price, NIS 8 million, was designated for debt repayment.
The transaction was contingent on due diligence and regulatory approvals, and it included options for Terminal X to acquire an additional 37.5% stake between 2028 and 2031. Soho, which was founded in 2004 and is owned by CEO Eytan Walach, operates 12 stores across Israel, runs an e-commerce site, and employs about 100 people. The acquisition was intended to expand Terminal X's presence in the home goods market.
Summarized by baba from the reports of 3 newsrooms. Updated
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