Clal purchased Max for NIS 2.47 billion
Clal Holdings acquires the Max Group for approximately NIS 2.47 billion.
Upon completion of the acquisition, which is still subject to regulatory approval, the group will transition to full ownership of all holdings.
The CEO of the buyer, Yoram Neve: "Max has built a diverse and growing financial platform in recent years"
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08/14/2022
Sunday, August 14, 2022, 10:02 a.m. Updated: 10:18 a.m.
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The credit company Max: almost NIS 2.5 billion will pay all the holdings for the purchase (photo: Public Relations)
Following the approval of the Clal Group's board of directors and the company's report, the CEO of the Clal Insurance and Finance Group, Yoram Nava, announced that an agreement has been signed to purchase the Max Group from the American investment fund Warburg Pincus and its partners. As part of the agreement, the Max Group, which includes the companies Max and Hyp, will be sold to all holding for approximately NIS 2.47 billion.
Yoram Neve, CEO of Clal Insurance and Finance Group
: "This transaction will strengthen the Max Group and allow it to be a significant factor, encouraging competition in the field of non-bank credit. The Max Group is a high-quality company that is managed with great professionalism, and which has built In recent years, a diversified and growing financial platform, and will be another growth engine, alongside the continued development of the core activity in the fields of insurance and finance, in the Clal group."
Haim Samet, Chairman of Clal Holdings Group
: "I congratulate the significant and important transaction that Kul is making today. The agreement, of first-class strategic importance to the business development of the group, is a transaction that is of great value to its shareholders. I thank the company's management and board of directors for carrying out a thorough and in-depth process, which lasted several months, and brought us for the signing status".
Haim Samet, Chairman of the Clal Holdings Group: "The agreement is of first-rate strategic importance for the group's business development" (Photo: Ami Erlich)
Yaron Bloch, chairman of Max and representative of Warburg Pincus in Israel
: "This is a first-class strategic connection of the Max group, the leader in innovation in the world of payments in Israel, with the Clal group, one of the oldest and most important financial institutions.
I am convinced that this connection will greatly contribute to the promotion of competition and will enable the provision of an excellent value proposition to households and small businesses.
I would like to thank on behalf of Warburg Pincus and its partners, on behalf of Max and on my behalf, Chaim Samet, Yoram Neve and the excellent teams, for a professional, determined and fair process." In
general, the holdings and the credit company Max wanted to clarify that the deal is subject to receiving the required regulatory approvals.
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Yaron Bloch, chairman of Max and representative of Warburg Pincus in Israel: "I am convinced that this connection will contribute greatly to the promotion of the competition" (Photo: Hadar Dolan)
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