Nitzan Tzair Harim, Yohanan Danino and Emil Winshel (photo by Rami Zranger)
The Technology and Insurance Group and Global Tech Alignment are taking another significant step towards completing the Ayalon transaction. The company reported today (Wednesday) that agreements had been reached between it and the estate manager of the late Levy Rahmani, and accordingly a third addition was signed to the Vishur-Ayalon transaction agreement.
As part of the additional amendment to the agreement, the total consideration that GlobalTech will pay for 67% of Ayalon’s shares was reduced by NIS 15 million, so that it will amount to NIS 447.6 million. In addition, as part of the additional amendment to the agreement, the amount of the seller’s loan to GlobalTech was increased by an additional NIS 7.5 million, to approximately NIS 62.5 million, with an undertaking to update the seller’s loan agreement and the guarantee letters accordingly.
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Meanwhile, as part of the amendment to the agreement, the parties have mutually undertaken that they give up definitively, completely and irrevocably or conditionally on the claims raised in the exchange of letters between them, from the last few days. The date of completion of the Ayalon transaction remains unchanged, as of June 30, 2022.
At the same time, in accordance with the aforesaid reduction, it was agreed between GlobalTech and Caesarea Medical Electronics that it would invest a total of NIS 260 million in GlobalTech. Caesarea Medical Electronics has so far invested NIS 100 million in GlobalTech out of the said total consideration, and according to the update, Caesarea is now expected to invest an additional NIS 160 million in GlobalTech at the date of completion of the transaction (NIS 170 million according to the original agreement). Against the allotment of additional shares, with the price per share remaining unchanged.
Recently, the controlling shareholders of GlobalTech, Emil Weinschel, Nitzan Tze’ir Harim, Zvi and Anat Barak, received the control permits for Vishur Insurance Company Ltd. and Ayalon Insurance Company Ltd. from the Capital Market Authority, as part of the conditions required to complete the transaction. GlobalTech continues to work these days to implement Ayalon’s acquisition strategy to leverage the group’s knowledge, experience and technological capabilities, in order to transform both traditional and conservative organizations, such as the Ayalon Group. All this, along with the organic growth that the group has shown in recent years.
Yohanan Danino, Chairman of WeSure Global Tech: “We welcome the arrival of agreements with the sellers and the paving of the way to complete the Vishur-Ayalon transaction. Ayalon’s expected addition to the GlobalTech alignment group will create a strong, diverse and advanced insurance group. Ayalon is expected to be a significant part of the overall business strategy of Vishor in the coming years. “
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