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

By Shoshanna Solomon
  • Shoshanna Solomon was The Times of Israel's Startups and Business reporter
 22 October 2018, 11:11 am
Zehavit Cohen, the head of Apax Partners Israel, a subsidiary of Apax Partners LLP (Courtesy)

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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