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Norstar Seeks New Investor for G City After 661 Million Shekel Deal Collapse
Norstar canceled a 661 million shekel deal to sell a controlling stake in G City and is seeking a new strategic investor. The original buyers included Ari Nadlan and Wishpro, but the deal was voided on August 3.
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What happened
- 01Norstar cancels 661 million shekel deal to sell 26% of G City shares.
- 02Original buyers were Ari Nadlan and Wishpro partnership.
- 03Cancellation agreement signed August 3, deposit of 20 million shekels returned.
- 04Deal collapsed after concerns over buyers' rapid control plans.
- 05Norstar seeks new strategic investor, avoiding stock exchange sale.
- 06Discount Capital Underwriting hired to lead new investor search.
Norstar plans a structured sale process with Discount Capital Underwriting to find new investors and support debt repayment.
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