Alignment of GlobalTech on the way to completing the Ayalon transaction – control permits were obtained from the Commissioner of the Capital Market Authority. Caesarea joins the controlling interest against the allotment of shares in the GlobalTech alignment.
Yohanan Danino, Chairman of Vishor Galolbtech, said against the background of receiving the approvals: “We are pleased to receive the necessary approvals and are preparing to complete the transaction for the acquisition of Ayalon and also welcome the entry of Zvi and Anat Barak into the controlling core of the group. With the completion of the transaction, Vishor GlobalTech will include, in addition to Vishor Insurance, Ayalon Insurance, which the group sees alongside a growth engine, great improvement potential, synergy in the operational and business infrastructure, which in combination with Vishor’s innovative digital activities will create added value. A wide range of advanced products and services from all insurance worlds. ”
The company further updates that the Competition Authority has given the required approval to Caesarea to make the purchase as part of the outline of the transaction. It was also reported that the Commissioner of the Capital Market Authority granted an insurer license to Ayalon Insurance Company (the merged company) as part of the insurance company’s expected merger with its parent company, Ayalon Holdings. As mentioned, in April the general meeting of Ayalon Holdings shareholders approved the merger with its subsidiary, Ayalon Insurance Company Ltd., and this move, once completed, will constitute a “layer fold” in a manner that regulates the issue of the Centralization Law upon completion of the transaction.
weSure Global Tech notes that the receipt of the said approvals constitutes a completion of the additional conditions precedent in the Ayalon Agreement, with the date of completion of the transaction for the acquisition of Ayalon being set and remaining as June 30, 2022.
WeSure Global Tech also reports that following the receipt of the permit, the first payment of NIS 100 million was received from Caesarea Medical Electronics, owned by the Barak family, following the investment agreement signed with it, under which weSure Global Tech shares will be allotted to Caesarea. The Barak family is expected to reach a holding of about 39% of the company’s capital, for a total investment of about NIS 270 million.
As part of the completion of the Ayalon transaction, Galvoltek will acquire control (approximately 67%) of Ayalon shares for an amount of approximately NIS 462.7 million. In this context, it was also reported that on May 19, 2022, an addition (second) to the Ayalon agreement was signed between the Vishor Globaltech and the estate manager, in which it was agreed that the consideration for the owner’s loan of NIS 55 million, which was also purchased by Vishor Globaltech, Equal annual payments (instead of 5 payments) and this only from 1.9.2024 (instead of 1.9.2023).
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