Regulator approves WeSure takeover of Ayalon
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The most surprising offer in Israel’s insurance coverage industry previous calendar year lastly acquired the go-forward at the conclude of very last 7 days when Commissioner of Insurance plan, Savings and Cash Markets Dr. Moshe Bareket gave digital insurance coverage company WeSure a permit to handle veteran participant Ayalon Insurance coverage Corporation.

WeSure essential the permit in get to be ready to acquire 67% of Ayalon for NIS 463 million. For the reasons of raising the funds, WeSure brought Caesarea Clinical Electronics, controlled by Zvi Barak and his wife Anat, into the deal. Barak will devote NIS 270 million in WeSure.




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Finance was not, even so, the only, or even the principal hurdle that WeSure had to conquer. In the course of the regulate permit procedure, the Israel Securities Authority lifted the require to collapse a single of the levels in the Ayalon group composition, since the Focus Legislation bans a pyramid of additional than two businesses that are either public or raise money as a result of bonds, and the offer would have generate this kind of a pyramid: WeSure, a community company underneath it Ayalon Holdings, a next public firm under that Ayalon Insurance policy, a personal enterprise but regarded a layer for the applications of the Focus Law and down below that Ayalon Insurance plan Issuing and Increasing Ltd., a organization that has raised financial debt in a bond presenting.

In order to deal with the ban, in early March the boards of administrators of Ayalon Holdings and of Ayalon Coverage agreed a merger, collapsing two levels of the pyramid into a single (insurance policy providers are exempt from the bond difficulty provision), consequently getting rid of the obstacle to completion of the deal. At the end of past 7 days, the Commissioner of Insurance policy, Price savings and Cash Markets awarded an insurance license to the merged Ayalon Insurance policies.

After the regulatory impediment was eliminated, Bareket gave a management allow to the managing shareholders in WeSure, Emil Vainshel and Nitzan Zeir-Harim, with each other with Zvi and Anat Barak, enabling them to hold, instantly or indirectly, stakes in WeSure World Tech (TASE: WESR), and in the coverage organizations that it controls. Previously in the week, the Competitiveness Authority gave its acceptance to the deal amongst WeSure and Caesarea Health-related Electronics.

Printed by Globes, Israel enterprise news – en.globes.co.il – on May perhaps 22, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


