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Israel Securities Authority Probes Investment House Horizon Before Stock Exchange Debut
Israel's Securities Authority is investigating investment house Horizon for alleged breaches of trust and diligence ahead of its planned merger with Blue Wave and entry into the Tel Aviv Stock Exchange. Horizon, which manages NIS 2 billion in assets, disputes the claims.
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What happened
- 01Israel's Securities Authority is investigating investment house Horizon before its stock exchange debut.
- 02The probe concerns alleged breaches of trust and diligence by Horizon, which manages NIS 2 billion.
- 03Horizon is set to merge with Blue Wave, a deal valuing Horizon at NIS 40 million.
- 04Horizon's controlling shareholder, Itai Lipkowitz, claims the firm has defenses against the inquiry.
- 05Horizon's mutual funds have seen substantial redemptions, losing 63% of assets year-to-date.
- 06Blue Wave plans to integrate Horizon's operations and expand into fintech.
The merger values Horizon at NIS 40 million, with controlling shareholder Itai Lipkowitz expected to remain involved. The company has reported significant revenue and profit growth in recent years.
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