HAMILTON, Bermuda, Nov. 27, 2017 /PRNewswire/ — On September 14th 2017, Sirius International Insurance Group, Ltd. signed an agreement with Delek Group for the acquisition of 4.9% of The Phoenix Holdings Ltd. for NIS 208 million and received an option to acquire all of Delek Group’s remaining holdings (47.35%) in The Phoenix. Sirius today announced that it has exercised its call option to purchase all of Delek’s remaining shares in The Phoenix for another NIS 2.3 billion, subject to regulatory approvals of the transaction.
Allan Waters, CEO of Sirius International Insurance Group, today said, “Sirius has completed its due diligence investigation of The Phoenix and is delighted that it was found to be a good fit with Sirius Group’s business. The Phoenix is one of Israel’s leading insurance and services companies. Through it, Sirius will be able to offer new products to the Israeli market, receive access to Israel’s world-class technology center and the opportunity to develop insurance technology solutions, enhance its financial results, and protect the interests of the Israeli public insured by the company.”
Mr. Waters added, “Sirius is under strict regulatory oversight in all of the global markets in which it operates, including Bermuda, New York, the UK, Sweden, Singapore and others. We are confident in the sophistication of the Israeli regulatory system and we look forward to receiving approval for the acquisition of control. We intend to cooperate fully and transparently with the Israeli regulators, as we do with regulators around the world.”
As part of the agreement, Sirius conducted a due diligence investigation of The Phoenix, at the end of which it informed Delek Group of its exercise of the call option to purchase all of Delek’s remaining shares in The Phoenix (47.35%) for an additional cash sum of NIS 2.3 billion.
It is also important to note that in accordance with the agreement, Sirius has submitted all regulatory applications, filings and notices to the Israeli Commissioner of the Capital Markets, Insurance and Savings, Insurance Agencies Division, the Israel Securities Authority, the Tel Aviv Stock Exchange and the Israeli Antitrust Commissioner in connection with the proposed change of control of The Phoenix Holdings Ltd. and certain of its direct and indirect regulated group entities.
As Sirius undertook, the applications were filed 45 days after the date it signed the binding agreement with Delek Group.
Sirius is represented in Israel by Dr. Ornit Kravitz, and attorneys Doni Toledano, Roy Caner and Lior Oren of