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You will fully acquire the Max Group, from the American investment fund Warburg Pincus and its partners. Tonight, the company reported the signing of a memorandum of understanding that will form the basis for further negotiations, until a binding agreement is signed. According to the agreement, the Max Group will be sold to Clal Holdings for an operating value of NIS 2.47 billion. Binding and obtaining the required regulatory approvals.With the completion of the transaction, Max will form an arm of Clal Holdings in favor of promoting competition in the field of credit, for small and medium-sized businesses and in the field of consumer credit.
Max was acquired three years ago from Bank Leumi due to the recommendations of the Strum Committee to separate the major credit card companies from the banks, so it was called Leumi Card. As part of the transaction, Clal will pay NIS 1.6 billion in cash and shares, as well as take on the financial debt of NIS 875 million. The deal also includes Hyp, a Max subsidiary that deals with business payment solutions. Max’s credit portfolio stands at over NIS 7 billion.
The acquisition is an important complement to Clal Insurance’s business in the field of finance. The group’s businesses have so far included insurance, pension and provident funds and study funds, and now a leading company in the field of non-bank credit has also been added. About two months ago, Clal raised about half a billion shekels in capital, which caused a stir around Alfred Akirov’s takeover attempt, when some of the allegations were that the purpose of the IPO was unclear. It now appears that the money will be used, at least in part, for the purpose of the transaction.
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Yoram Naveh, CEO of the Clal Insurance and Finance Group: “The Clal Group today signed a memorandum of understanding, which is part of a strategic move aimed at expanding the group’s activities beyond the subsidiary’s concentrated insurance and finance activities, after examining several alternatives and choosing to move forward with the Max Group. A quality company managed with great professionalism, which in recent years has built a diverse and growing financial platform. Today, we join other moves that have already been made among the institutional bodies, which are becoming a significant factor in driving competition in the field of non-bank credit. Clal recently published its financial results for 2021, the best since its inception, and I am glad that close to the publication of the results, and after the successful capital raising we made earlier this year, we present today our intention to strengthen the holding company with a new and complementary arm. The group’s next. ”
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