developing· Economy· Updated
Wiz Founder Assaf Rappaport Set to Acquire McDonald's Israel Franchise
The four co-founders of the Israeli cybersecurity firm Wiz are in the final stages of negotiations to acquire the McDonald's franchise in Israel. The investment group, led by Assaf Rappaport alongside Yinon Costica, Ami Luttwak, and Roi Shvartz-Ziv, has emerged as the leading candidate to secure the deal. The transaction, which is close to being finalized but not yet signed, would place approximately 230 branches under their management.
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What happened
- 01Wiz co-founders Assaf Rappaport, Yinon Costica, Ami Luttwak, and Roi Shvartz-Ziv are nearing a deal to acquire the McDonald's franchise in Israel.
- 02The acquisition involves approximately 230 branches across Israel, which generate an estimated annual revenue of 1.8 billion shekels.
- 03McDonald's global repurchased the Israeli operations from Omri Padan in April 2024 for an estimated 2 billion shekels.
- 04The 2024 repurchase followed international boycotts after the Israeli franchisee provided benefits and discounts to IDF soldiers.
- 05The Wiz founders' group emerged as the sole candidate after competing against several prominent Israeli business entities.
- 06The transaction represents a major expansion for the tech entrepreneurs, who recently sold Wiz to Google for $32 billion.
This potential acquisition follows the decision by McDonald's global in April 2024 to repurchase the Israeli operations from its long-time franchisee, Omri Padan, who had operated the chain for over 30 years. The global corporation's repurchase, estimated at 2 billion shekels, occurred during the Swords of Iron war amid widespread international boycotts. These boycotts were sparked after the local franchise provided benefits and discounts to IDF soldiers, which reportedly caused billions of dollars in losses for the global company.
McDonald's Israel has generated annual revenues of approximately 1.8 billion shekels in recent years, with a profit margin of about 10%. The acquisition represents a significant diversification for the Wiz founders, who recently sold their company to Google for $32 billion and have also expanded into media, with Rappaport holding a controlling stake in Channel 13. Neither McDonald's nor Rappaport has commented on the negotiations.
Summarized by baba from the reports of 3 newsrooms. Updated
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Wiz Founder Assaf Rappaport Set to Acquire McDonald's Israel Franchise
