One year after the original agreement was signed between the digital insurance company Assurance And the estate manager of Ayalon’s founder, Levi Rahmani, paid tonight (Thursday) for the acquisition of control ofAyalon . As part of the transaction, Vishur acquires 67% of Ayalon’s shares for approximately NIS 447.6 million. Vyshor also reports at this stage on the signing of a financing agreement with a leading banking corporation that will grant it a loan of approximately NIS 90 million in order to complete the transaction. The loan is for a period of 5 years at an annual interest rate of Prime + 2.5%, when at the end of the credit period the company will be entitled to a further extension for a period of 3 years.
Upon completion of the transaction, Vishor transferred a total of NIS 335 million to the Rahmani family, having already transferred NIS 50 million as a down payment to it, and by reducing the amount provided as an owner loan to NIS 62.5 million.
The completion of the transaction is a continuation of the agreements reached yesterday and Rishmani’s estate manager, Adv. Moran Hameiri, and accordingly a third addition was signed to the Vishur-Ayalon agreement. As first reported in Globes, the parties have made adjustments The first of June last year. Amendment to the agreement included a reduction in the total consideration that GlobalTech will pay for 67% of Ayalon’s shares by NIS 15 million.
Simultaneously with the amendment of the agreement between Vishor and Rahmani’s estate manager, Caesarea Medical Electronics yesterday completed its investment in Vishor in the amount of NIS 260 million. Here, too, an adjustment was made at a price of about NIS 10 million, and in the end Zvi and Anat Barak became part of the controlling nucleus in Vishur Insurance and Ayalon Insurance together with Emil Weinschel and Nitzan Tze’ir-Harim.
In addition, the Ben Yishai family’s investment in alignment was completed today for approximately NIS 20 million and will hold 3.7% of the company’s shares. The three members of the Ben Yishai family will purchase the shares at a price of NIS 6.3 per share, the same price as Caesarea Electronics will pay for Vishor shares, which reflects a premium of more than 200% on the market price of Vishur.
Now that the acquisition of the controlling shares in Ayalon has been completed, the volume of activities of the Vishor GlobalTech Group (Ayalon and Vyshor Insurance) are bringing the company to become a dominant company in the Israeli market, with an annual gross premium of NIS 3.5 billion in a wide range of areas. In the branches of general insurance, health and life insurance. The group’s total assets are expected to stand at more than NIS 17 billion.
“Vishor intends to maximize the synergies between the companies, while upgrading Ayalon’s technological and digital capabilities, among other things in order to continue to grow and improve the business results of the two companies,” explained Vishor. “At the same time, the acquisition of Ayalon will allow the alignment of rapid penetration into new insurance industries, and may constitute an infrastructure for the further development of these activities by alignment in the international markets, in accordance with the company’s strategy to expand its operations abroad.”