The Phoenix is on its way to another huge deal and will acquire 14% of the Meir Group for approximately NIS 550 million based on a value of NIS 3.8 billion.
Meir has several activities, among others it is the importer of Volvo and Honda to Israel, and it is considered one of the largest automobile groups in Israel. The owners of the company are Yaakov and the Kaz family, who are expected to be the biggest beneficiaries of the deal.
Shahar and Kaz were previously the controlling owners of Phoenix which they purchased from Yossi Hachmi in 2002. Four years later they sold control of the company to the Delek Group of businessman Yitzhak Tshuva.
The Meir Group continued to hold minority shares in Phoenix, until at the beginning of this year it ceased to have an interest in the insurance group.
In doing so, Phoenix continues its expansion journey beyond the insurance business. It has holdings, among others, in Beitan wines and the pharmaceutical company Rafa.
Expansion immediately