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25 February 2018

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Sirius agrees to $700mn deal for Israelís Phoenix

Ted Bunker 14 September 2017

Sirius has agreed to buy a majority interest in Phoenix Holdings for about 2.51bn shekels ($702mn) from Israel's Delek Group, starting with a 4.9 percent stake.

The agreement comes a few months after the collapse of the most recent deal Delek engineered to sell the local insurer, a transaction valued at 2.2bn shekels to China's Fujian Yango Group, apparently because of regulatory delays.

In the latest agreement, Bermuda-based Sirius is to buy the small stake for 208mn shekels. Sirius will...

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