Apax in talks to sell Psagot Investment for up to $822 million – report
British private equity fund said to be negotiating to sell Israel’s largest investment house to New York City-based Centerbridge Partners
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British private equity fund Apax Partners is reportedly in talks to sell Israel’s investment house Psagot Investment House Ltd. to Centerbridge Partners for NIS 2.5 billion ($685 million)-NIS 3 billion ($822 million).
TheMarker financial paper and the Calcalist website reported on Monday that officials of Apax and Centerbridge, a New York City-based private investment firm, had met and exchanged information about the Israeli investment house.
A spokesman for Apax in Tel Aviv declined to comment. Centerbridge had previously made a failed bid to acquire the credit card unit of Bank Leumi Le-Israel, TheMarker said.
Apax funds acquired control of Psagot from York Capital Management in 2010, and acquired the outstanding stake, gaining full ownership, a few years later.
Pasgot, Israel’s largest investment house, manages assets of some $183 billion, according to its website.
Calcalist said that following news reports of the talks, Psagot CEO Barak Soreni sent a letter to employees saying the talks represent a “badge of honor” for the firm, and that he’d update them with any significant developments.
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